Mwanza. National Bank of Commerce (NBC) reiterated at the weekend that it will foster its support to the growth of the private sector, focusing primarily on issuing cheap loans to Small and Medium-sized Enterprises (SMEs) across the country.
The bank’s managing director Theobald Sabi made the remarks here during a get together arranged for the bank’s SME clients.
“We issue low interest loans to SMEs as part of our initiative to enable small business owners to grow their businesses and ultimately, boost the country’s economy,” said Sabi.
The bank’s director of business banking, Mr Elvis Ngunguru said the event sought to familiarize SMEs with various banking services and products that were tailored for them.
“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.
A Mwanza-based businesswoman, Grace Kweka said through loans she received from NBC over the years, she has managed to grow her business size from Sh7 million in 2005 to Sh250 million at the moment.
“Some business owners, especially women, tend to be reluctant to get loans from financial institutions, but I have a pleasant experience with NBC,” she said, noting that from a humble beginning, she now runs a business that one would admire to be part of.