MEC slams poor roll-out of relief funds By Vernon Mchunu Share DURBAN - KWAZULU-Natal Economic Development, Tourism and Environmental Affairs (EDTEA) MEC Ravi Pillay has blamed the application criteria for the poor roll-out of the Loan Guaranteed Scheme (LGS). The LGS was aimed at bringing relief to the small business sector. Pillay was reacting to the announcement that the scheme – first introduced in April last year as part of an Economic Stimulus package to keep struggling businesses afloat in the wake of the Covid-19 economic crunch – would remain available for another three months. The businesses whose resilience depended on securing a bank loan would continue to be guaranteed approval under favourable conditions until July 11, according to a joint statement issued by the National Treasury, the Reserve Bank and the Banking Association of South Africa (Basa).