AfricaPress-Tanzania: THE National Bank of Commerce (NBC) has reiterated its commitment to support the growth of the private sector, particularly the Small and Medium-sized Enterprises (SMEs) through provision of low interest loans.
Speaking to SME business owners in Mwanza region during a get together party arranged for the bank’s SME clients, the bank’s Managing Director, Theobald Sabi said; “We issue low interest loans to SMEs as part of our initiative to enable small business owners grow their business and ultimately boost the country’s economy at large.”
Mr Sabi noted that there are several success stories from small and medium sized business owners that demonstrate how much NBC bank’s loans have contributed to the growth of their businesses.
Speaking at the event, the NBC Director of Business Banking, Elvis Ndunguru said the aim of organizing a get together with SME business owners was to familiarize them with various banking services and products that are tailored for SMEs and are geared to help entrepreneurs grow their businesses.
“For instance, we offer low-interest loans to business owners with no requirement of collateral as long as they have business contracts with big companies,” said Ndunguru.
Giving her testimony on how loans from NBC bank have helped her grow her business, a Mwanza-based businesswoman, Grace Kweka said through loans she received from NBC over the years, she has managed to grow her business from 7.0m/-in 2005 to 250m/- now.
“Some business owners especially women tend to be reluctant to get loans from financial institutions, but I have a pleasant experience with NBC bank for instance when coronavirus was at its peak I couldn’t travel outside the country to get goods, hence I negotiated with the bank and they agreed to reduce my interest fee,” said Kweka adding that she started out as an entrepreneur and she now owns a medium-sized business.
