StanChart Bank boosts SMEs for Expo
STANDARD Chartered Bank is to grow its lending to small-and-medium enterprises (SMEs) the managing director said last week. Lamin Manjang disclosed that up to $20m (about sh35b) had already been lent to SMEs.
By Sylvia Juuko
STANDARD Chartered Bank is to grow its lending to small-and-medium enterprises (SMEs) the managing director said last week. Lamin Manjang disclosed that up to $20m (about sh35b) had already been lent to SMEs.
“SMEs currently contribute to between 30 and 60% of GDP in Uganda. They will be a key driver of growth over the next 10 years,†he said at a press conference held at the Sheraton Kampala Hotel last week.
Manjang said the bank had supported 140 SME customers from Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and Zimbabwe to attend an Africa Hong Kong SME Expo from December 12 to 15.
The expo is organised by Hong Kong Trade and Development organization. It is expected to draw 80,000 SMEs allover the world.
In Uganda, 12 SME customers have been sponsored to attend the expo under the bank’s 2007 SME trade corridors initiative that aims at building linkages between the sector and the global markets.
“StanChart launched this initiative to enable SME customers attend the expo and develop business partnerships, exchange ideas and explore business opportunities,†Manjang added.
He noted that while the bank was committed to growing the sector, it was weighed down by lack of financial record keeping.
“We are looking at growing the SME sector but some of the challenges are related to financial record keeping. We rely on information to make credit decisions so it is difficult when these records are lacking,†he stressed.
According to Manjang, the entry of a credit reference bureau next year, would facilitate the growth of the SME sector.
Harton Maliki, the bank’s head of SMEs, said participation of the bank’s customers would provide opportunity to gain inspiration from successful entrepreneurs worldwide, gain exposure to a wide supplier base and share information about other markets.
STANDARD Chartered Bank is to grow its lending to small-and-medium enterprises (SMEs) the managing director said last week. Lamin Manjang disclosed that up to $20m (about sh35b) had already been lent to SMEs.
“SMEs currently contribute to between 30 and 60% of GDP in Uganda. They will be a key driver of growth over the next 10 years,†he said at a press conference held at the Sheraton Kampala Hotel last week.
Manjang said the bank had supported 140 SME customers from Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and Zimbabwe to attend an Africa Hong Kong SME Expo from December 12 to 15.
The expo is organised by Hong Kong Trade and Development organization. It is expected to draw 80,000 SMEs allover the world.
In Uganda, 12 SME customers have been sponsored to attend the expo under the bank’s 2007 SME trade corridors initiative that aims at building linkages between the sector and the global markets.
“StanChart launched this initiative to enable SME customers attend the expo and develop business partnerships, exchange ideas and explore business opportunities,†Manjang added.
He noted that while the bank was committed to growing the sector, it was weighed down by lack of financial record keeping.
“We are looking at growing the SME sector but some of the challenges are related to financial record keeping. We rely on information to make credit decisions so it is difficult when these records are lacking,†he stressed.
According to Manjang, the entry of a credit reference bureau next year, would facilitate the growth of the SME sector.
Harton Maliki, the bank’s head of SMEs, said participation of the bank’s customers would provide opportunity to gain inspiration from successful entrepreneurs worldwide, gain exposure to a wide supplier base and share information about other markets.