Standard Chartered announced yesterday that it would fund $1 billion of financing for those companies that provide essential goods and services to help against the COVID-19 crisis.
Companies that are helping to tackle COVID-19, including manufacturers and distributors, as well as non-medical companies that have the capability to their manufacturing goods, include face masks, sanitizers, and other consumables.
CEO of Commercial, Corporate & Institutional Banking at Standard Chartered, Simon Cooper, said: “Apparently, there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more rapidly. We also want to make sure that current manufactures and service providers get the support they need.”
The bank aims to provide, at preferential rates, at least $1 billion of financing for those companies in the form of loans, import/export finance facilities that they use for daily business activity to help them tool up, and maintain current manufacturers get their products to market.
Chartered Bank is also trying to determine companies that may wish to switch into or add anti-virus products to their output but hasn’t decided that they will do so at this stage. Simon also added, “Our business teams are noticing across our client base, and, given our understanding of clients’ current manufacturing processes, we’re determining which companies might want to consider adding these items to their production line.”
All funds will object to those companies having received regulatory approvals to manufacture the goods.
The bank will continue to distribute all of its clients during what is a difficult period for all companies, from small businesses to large multinationals.