Standard Bank Launches New Low-Interest Solar Loan Solutions For Businesses
Standard Bank Launches New Low-Interest Solar Loan Solutions For Businesses. The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients.
“The move is in line with SBSA’s commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike”, says Lungisa Fuzile, SBSA Chief Executive.
“The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey,” he explains. “By participating in the Energy Bounce-Back Loan Guarantee Scheme, we’ll be able to assist customers with preferential financing options that make the installation of solar more accessible.”
The scheme forms part of government’s efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country’s aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible.
“Navigating the impact of loadshedding on day-to-day operations has been a burden for all South African businesses. As the preferred banking partner of a broader spectrum of business clients we are focused on bringing real solutions to real challenges facing our clients”, says Simone Cooper, Head Business and Commercial Banking South Africa.
Outside of the immediate resilience and business continuity benefits against loadshedding, “Renewable Solar Energy provides lower running costs, protection against electricity price hikes and reduced carbon tax liabilities making it a more attractive and sustainable solutions for businesses in South Africa,” adds Cooper.
The Business Solar Loan will add to Standard Bank’s existing renewables funding options by providing businesses that bank, as well as those that currently don’t bank, with Standard Bank, an affordable solution that will enable them to make their transition to renewable energy with ease. Catering for clients with a maximum turnover of R300 million, the Business Solar Loan solution offers loans between R10 000 and R10 million with personalised interest rates capped at prime plus 2.5%. Flexible repayment periods ranging between 12 to 60 months mean that businesses can choose a term that suits their budget.
Specialised tailored Solar Loans will also be offered to solar installer and leasing businesses, as well as those in the green energy value chain, subject to the bank and scheme criteria. “Businesses considering solar for their operations can also engage with our PowerPulse platform for a streamlined process that provides access to trusted solution providers. The services include feasibility and comparison reports to help companies make informed decisions in an efficient and competitive manner,” concludes Cooper.
