Barclays Bank has set aside Sh150 million for medium sized enterprises (SMEs)
The 50 SMEs were identified through its corporate customers.
SMEs will access the funds through the bank’s existing products including bank guarantees, letters of credit, short term loans, invoice discounting and overdrafts.
Barclays Bank #ticker:BBK has set aside Sh150 million to support 50 small and medium sized enterprises (SMEs) under the enterprise and supplies chain development (ESD) pilot programme set to run for six months.
Barclays on Thursday said the ESD programme will finance SMEs that supply goods and services to corporates on the basis of a valid contract, thus enabling them to grow and make a bigger contribution to the economy.
The 50 SMEs were identified through its corporate customers.
However, they are not required to be customers in the beginning.
“As a bank, we are alert to the unique challenges facing SMEs customers and we have made it our responsibility to innovatively develop solutions that we believe can support their growth and help them prosper,” said James Agin, Barclays corporate and investment director.
The bank is piloting the project in Kenya and Botswana and once successful it will roll it out to other African countries where Barclays Africa operates.
SMEs will access the funds through the bank’s existing products including bank guarantees, letters of credit, short term loans, invoice discounting and overdrafts.
