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(HERALD) CABS avails funds for SMEs

CABS avails funds for SMEs
Friday, 25 November 2011 00:00

The Central Africa Building Society has targeted to promote grassroots economic growth and equitable sustainable development through providing loans to small and medium enterprises, an official said on Tuesday. The loans range from US$5 000 to US$50 000 payable within 36 months.

CABS managing director Mr Kevin Terry told New Ziana that the package was designed with specific criteria for SMEs to qualify for the loans.

"The package is specifically tailored for companies that are currently employing a minimum number of five workers and the SMEs should have security, in addition to running their businesses in an orderly manner," he said.

Mr Terry said a pool of funds had been set aside and more capital would be availed depending on the response of the targeted beneficiaries.
"The funds for the SME package will be demand driven," he said.

He said the bank was offering loans to the sector because it appreciated that today's SMEs were potential tomorrow's corporates.
"The SME sector is the cradle of enterprise and innovation. It is extremely vibrant and needs to be supported to allow it to continue making meaningful contribution to the creation of wealth in this country.

"We also intend to benefit from an increased client base to which we can offer additional products that are aimed at improving productivity at the workplace," Mr Terry said.
Small and medium enterprises have led the growth of the economies of many countries, contributing 60 percent to Gross Domestic Product and 50 percent to employment. - New Ziana.

Labels: CONSTRUCTION, CREDIT FACILITIES, SMEs

posted by MrK @ 11:02 AM