Business

Azania Bank embarks on startup loans to SMEs

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    Azania Bank embarks on startup loans to SMEs
    Azania bank Marketing Manager, Diana Balyagati (at the right)

    Last updated: July 25th, 2019.

    Azania Bank is determined to provide start-up capital to Small and Medium Entrepreneurs (SMEs) to enable them to play a meaningful role on industrial economy and attaining middle-income status by 2025.

    Speaking in an exclusive interview recently, the bank’s Marketing Manager, Diana Balyagati, said the loans would be on the basis of startup and working capital.

    “Our SME loans are designed to provide part of start-up capital and working capital. We are working to develop a product that will support the agricultural value chains because the government is serious on the industrialization agenda and our industries will be dependent on home-grown raw materials,” Ms. Balyagati said.

    In addition, the bank has designed a product that will provide a credit facility to SMEs through Savings and Credit Cooperative Societies (SACCOS).

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    Through its various services, the bank has been in the frontline in ensuring that its customers are being listened to and to be given a quick service and they are also given appropriate answers for their questions concerning money and other bank services.

    The commercial bank provides loans to individuals who have the following qualities to have an identity card, attachments of sources of income of the individual, a letter from an employer, a bank statement showing if a person has a private business.

    For institutions, the requirements are attachments of one’s business documents, business plan, the capability to repay the loan and a six-month financial statement.

    “Our loans targets giving a borrower capital to establish a business for economic growth and improve the quality or standard of living, developing family life and contribute to the nation-building process,” she said.

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