FNB launches SME Special Fund

11 Apr 2017 18:10pm
WINDHOEK, 11 APR (NAMPA) – First National Bank (FNB) Namibia on Tuesday announced the launch of a Small and Medium Enterprise (SME) Special Fund worth N.dollars 100 million to support upcoming and existing entrepreneurs.
The fund is aimed at enabling the growth of the SME sector and its contribution to employment creation by providing the necessary and technical assistance to entrepreneurs.
Speaking at the launch, FNB Namibia Head of SME and Growth Segment in the Business Division, Sam Ikela said the bank created its SME Business Unit in 2005 with a distinctive approach to normal banking operations. He said it has a strong development component to cater for the financial and capital requirements of SMEs that face limitations of capital and collateral.
Ikela said the bank is cognizant of the SME sector’s potential.
“By enabling the SME sector to contribute to economic development, through the promotion of entrepreneurship, SMEs can become the nation’s engine of growth.”
He said applications that include strong business cases and viable intent to employ others are important when loans are considered and will receive higher preference, especially when initiatives are developed on the basis of the Harambee Prosperity Plan (HPP) and the National Development Plans (NDPs).
Applicants will be required to have asset and mortality insurance cover as part of the terms and conditions.
“FNB Business helpfully partners with SME businesses that operate in our local communities, and in turn helps to improve our community’s local economy.”
Ikela noted the bank is in association with SME Compete, which will mentor applicants meeting the selection criteria with business skills.