Stanbic Bank launches business loan protection plan

The product, simply dubbed the Business Loan Protection Plan, prevents the company from losing the assets attached to a loan in case of the death or permanent disability of the owner.

"As a bank, we come across a lot of cases where company goods or equipment have had to be repossessed and the company subsequently closes down, all because it is somehow no longer able to service the business loan as a result of death or permanent disability of the owner(s). We came up with the Business Loan Protection Plan because we believe that a company must be able to outlive its problems, and there must still be business continuity after such tragedies," said the Stanbic Bank's Head of Private Banking and Wealth, Sabrina Mahlalela.