{"id":39043,"date":"2023-02-10T16:24:15","date_gmt":"2023-02-10T16:24:15","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/fnb-backs-sme-economic-recovery-loan-scheme"},"modified":"2023-02-10T16:24:15","modified_gmt":"2023-02-10T16:24:15","slug":"fnb-backs-sme-economic-recovery-loan-scheme","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/fnb-backs-sme-economic-recovery-loan-scheme","title":{"rendered":"FNB backs SME economic recovery loan scheme"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>FNB Namibia has welcomed the Bank of Namibia\u2019s (BON) SME economic recovery loan cheme, and it has committed to the deployment of funds, aimed at helping businesses to get set for economic recovery.<\/p>\n

The scheme is meant to assist distressed small and medium enterprises (SMEs). The scheme will provide funds through participating commercial banks to eligible businesses to assist them to pay for operational expenses, such as salaries, rent and lease agreements as well as contracts with suppliers.<\/p>\n

The Ministry of Finance and Public Enterprises, in partnership with BON, has availed N$500 million to SMEs through participating banking institutions.<\/p>\n

\u201cIn line with the announcement by the Ministry of Finance & Public Enterprises and BON \u2013 and as a member of the Bankers Association of Namibia, FNB is proud to partner with the Ministry of Finance & Public Enterprises and other Namibia Banks on this initiative,\u201d said FNB CEO Erwin Tjipuka.<\/p>\n

Tjipuka added, \u201cwe commend the Ministry of Finance & Public Enterprises and BON for emphatic response to businesses that have faced unprecedented challenges as a result of the adverse impact of Covid-19.<\/p>\n

We believe BON\u2019s guarantee allows us to continue honouring our obligation to depositors while using our credit extension capabilities to be a conduit for government\u2019s support of businesses.<\/p>\n

This is evidence that partnerships can help Namibia decisively respond to genuine economic recovery. The scheme aims to provide additional funding to qualifying businesses to grow the Namibian economy and foster job creation within the country\u201d.<\/p>\n

He explained this decision was taken to demonstrate FNB\u2019s commitment to leveraging the SME economic recovery loan scheme as an invaluable SME support mechanism.<\/p>\n

\u201cThis financial support will allow many to optimise their operations to potentially withstand the current economic pressures,\u201d said Tjipuka.<\/p>\n

FNB Executive for Commercial Banking Sepo Haihambo said: \u201cWe have already begun processing applications and will enhance our processes as we ready ourselves to go live on 13 Feb 2023 to ensure that customers can access the loans seamlessly across our branch network\u201d.<\/p>\n

She further noted the loan scheme is not about emergency financial relief, but it is an opportunity for the banks to contribute to the growth, development and resilience of the entire SME sector.<\/p>\n

\u201cThe Recovery Loan scheme, with revised requirements, has the potential to act as a real catalyst of growth for SMEs, which is more important than ever in terms of contributing to the country\u2019s sustainable economic recovery.\u201d<\/p>\n

\u201cWhile the previous Covid-19 assistance loans were restrictive in terms of qualifying criteria and what businesses could use the funding for, the application processes for the SME Economic Recovery Loan scheme are far simpler, and applicants are not limited in terms of how they can use the funding,\u201d explained FNB Head of Business Banking responsible for SME & Mid Touch segment Tomas Iindji.<\/p>\n

\u201cThe only restrictions are that the loans cannot be used to repay shareholder loans or settle debt; entities and sole proprietors must be tax registered. This means that companies are able to invest the funding into the aspect of their business they need to in order to support its future growth,\u201d he concluded.<\/p>\n

FNB has also assured customers it will prioritise the provision of the SME Economic Recovery Loan scheme as the default term lending solution for business clients with an annual turnover of between N$0-N$60 million.<\/p>\n

The application process will include FNB\u2019s stringent internal credit process as well as the overall qualifying criteria set out by the Bank of Namibia. Clients are advised to check the FNB website and App or speak to their relationship managers for more information.<\/p>\n

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

Africa-Press – Namibia. FNB Namibia has welcomed the Bank of Namibia\u2019s (BON) SME economic recovery loan cheme, and it has committed to the deployment of funds, aimed at helping businesses to get set for economic recovery. The scheme is meant to assist distressed small and medium enterprises (SMEs). The scheme will provide funds through participating […]<\/p>\n","protected":false},"author":84,"featured_media":39042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-39043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nFNB backs SME economic recovery loan scheme - Namibia<\/title>\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\/namibia\/all-news\/fnb-backs-sme-economic-recovery-loan-scheme\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FNB backs SME economic recovery loan scheme\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. FNB Namibia has welcomed the Bank of Namibia\u2019s (BON) SME economic recovery loan cheme, and it has committed to the deployment of funds, aimed at helping businesses to get set for economic recovery. The scheme is meant to assist distressed small and medium enterprises (SMEs). 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