SME recovery loan assistance clocks N$200 million

  • 2 Months Ago - 2024-05-21 10:42:00
Bank Windhoek has fully utilised the N$200 million allocated under the Small and Medium-sized Enterprises (SME) Economic Recovery Loan Scheme. N$192 million had already been disbursed of this amount, with the remaining N$8 million approved pending disbursement.
This announcement was made on Monday by Bank Windhoek’s Head of Small and Medium-sized Enterprises (SME), Financial and Data Analytics, Bianca Janse van Vuuren, who said that the achievement underscores a crucial step forward in revitalising struggling businesses and bolstering economic recovery efforts.
“Bank Windhoek assisted 137 SMEs through this scheme. With this financial assistance, these businesses are geared to navigate uncertainties and unlock new avenues for growth and prosperity,” she said.
Re-launched in February 2023, the SME Economic Recovery Loan Scheme is an initiative by the government supported by various financial institutions designed to provide financial assistance to SMEs that suffered through the onslaught of the economic downturn since 2016.
“Recognising the vital role SMEs play in driving economic growth and employment, Bank Windhoek participated in this initiative to offer support to various businesses to assist with the recovery of such businesses,” Van Vuuren said.
She added that the success of the scheme reflects not only the dedication of Bank Windhoek but also the resilience and determination of SME entrepreneurs to overcome adversity and thrive in challenging times.
“By fostering partnerships and collaboration between financial institutions, SMEs and other stakeholders, Bank Windhoek continues to champion the aspirations of entrepreneurs and contribute to sustainable economic development,” she said.
Looking ahead, Van Vuuren said that Bank Windhoek remains steadfast in its commitment to supporting viable SMEs and is already exploring other avenues for possible assistance.
“As we celebrate the successful disbursement of funds under the SME Economic Recovery Loan Scheme, we reaffirm our collective commitment to empowering SMEs as growth, innovation and resilience engines. Together, we can build a brighter future where businesses can thrive and contribute to a thriving economy.”