{"id":43291,"date":"2024-07-25T20:33:42","date_gmt":"2024-07-25T20:33:42","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes"},"modified":"2024-07-25T21:07:41","modified_gmt":"2024-07-25T21:07:41","slug":"standard-lesotho-bank-introduces-new-product-offering-for-smes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes","title":{"rendered":"Standard Lesotho Bank introduces new product offering for SMEs"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>Standard Lesotho Bank (SLB) has unveiled a new loan product specifically designed to support Small and Medium Enterprises (SMEs).<\/p>\n

Speaking at the launch yesterday, the bank\u2019s Head of Business and Commercial Banking Keketso Makara mentioned that the innovative product aims to streamline the lending process, requiring minimal documentation and offering a turnaround time of 24 hours, provided all necessary procedures are met.<\/p>\n

To qualify for this loan, he said the SMEs need to provide verified purchase orders, contracts, and invoices.<\/p>\n

This offering he said is for those in enterprise and commercial banking.<\/p>\n

Makara said this new product demonstrates the bank\u2019s commitment to finding innovative solutions for businesses and improving access to finance for the SMEs.<\/p>\n

\u201cTrade is a fundamental economic concept involving the purchase and sale of goods and services, with compensation paid to a seller by a purchaser or the exchange of goods or services between parties. Trade can take place in a producer-consumer economy. This is where we [the bank] come in to ensure that businesses in Lesotho have adequate liquidity at all times for uninterrupted Trade, especially on a short-term basis.\u201d<\/p>\n

\u201cBusinesses, no matter how big or small, need liquidity or capital at all times to realize trade and make profit in the process, so that they are able to grow,\u201d he said, adding that access to finance is a challenge to indigenous businesses in the country.<\/p>\n

Makara said these businesses access up to M1 million in funding with \u201cease\u201d.<\/p>\n

For loans exceeding one million, additional requirements will need to be met before disbursement.<\/p>\n

Manager Trade Product, Lisemelo Makara said that an insolvency certificate from the business will be required. Additionally, she mentioned that Know Your Customer (KYC) documentation and an application letter requesting the loan are necessary for SMEs to qualify for this product.<\/p>\n

One of the first-time beneficiaries of this new product is TP Technologies, which received a loan of nearly one million. Lerato Sekolopata from this ICT based company reported that the product was helpful as it enabled them to deliver on their commitments to their client.<\/p>\n

SLB\u2019s Chief Executive, Anton Nicolaisen, states that as Standard Lesotho Bank they play an important role in driving growth. \u201cI am very pleased with our business and commercial team for putting this product together to help solve these challenges. I want to reiterate that we aim to be a trusted partner in this economy. We want to contribute to its prosperity.<\/p>\n

\u201cIt is crucial that we introduce innovative products to the market to address these challenges. Our efforts are also aligned with the government of Lesotho\u2019s initiatives.\u201d<\/p>\n

SLB reportedly boasts the \u201cbiggest\u201d lending portfolio in the country, totaling M9.6 billion as of December 2023.<\/p>\n

For More News And Analysis About Lesotho Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. Standard Lesotho Bank (SLB) has unveiled a new loan product specifically designed to support Small and Medium Enterprises (SMEs). Speaking at the launch yesterday, the bank\u2019s Head of Business and Commercial Banking Keketso Makara mentioned that the innovative product aims to streamline the lending process, requiring minimal documentation and offering a turnaround […]<\/p>\n","protected":false},"author":84,"featured_media":43290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[245],"class_list":["post-43291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-lesotho"],"yoast_head":"\nStandard Lesotho Bank introduces new product offering for SMEs - Lesotho<\/title>\n<meta name=\"description\" content=\"Standard Lesotho Bank (SLB) has unveiled a new loan product specifically designed to support Small and Medium Enterprise ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Lesotho Bank introduces new product offering for SMEs\" \/>\n<meta property=\"og:description\" content=\"Standard Lesotho Bank (SLB) has unveiled a new loan product specifically designed to support Small and Medium Enterprise ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T20:33:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-25T21:07:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2024\/07\/sm_1721925389.612051.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Standard Lesotho Bank introduces new product offering for SMEs\",\"datePublished\":\"2024-07-25T20:33:42+00:00\",\"dateModified\":\"2024-07-25T21:07:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes\"},\"wordCount\":470,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2024\/07\/sm_1721925389.612051.jpg\",\"keywords\":[\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/standard-lesotho-bank-introduces-new-product-offering-for-smes\",\"name\":\"Standard Lesotho Bank introduces new product offering for SMEs - 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