NMB upgrades SMEs loan portfolio to 1.5bn/-

22Mar 2016
Beatrice Philemon
The Guardian
NMB upgrades SMEs loan portfolio to 1.5bn/-

THE National Microfinance Bank PLC (NMB) has upgraded its loan portfolio for small and medium enterprises (SMEs) seeking to become more efficient, grow their businesses and mutate from informal to formal sector.

Syndicated Loan Facility for SME

Relationship Manager, Business Banking Head Office, Toyi Ruvumbagu made the revelation when speaking to Top Business Club leaders from different parts of Kinondoni District who are engaged in Small and Medium Enterprises as well as Micro and Small Enterprises (MSEs).

He said NMB Bank has upgraded loans which are now offered to SMEs in accordance with their needs. He called on SMEs in the district to visit NMB branches to access loans because even the days to process the loans have been greatly reduced from between 20 and 30 days to four days for existing customers and 14 days for start-up customers.

On loans offered by the bank, he said right now SMEs can access loans ranging from 1m/- to 30m/-, 31m/- to 50m/-, 51m/-to 100m/- and 101m/- to 1.5bn/- and more. Interest rates charged are negotiable but subject to the nature of the venture.

Applicants for loans, especially those ranging from 1m/- to 30m/-, must open or have an account with the bank, Tax Identification Number (TIN), business license, certified copy of a title deed of the property, certificate of occupancy and sale agreement duly signed by both parties and witnessed by a lawyer.

Apart from that, returns of the venture financed must at least reach 100m/- and the loans are issued in all areas where NMB Bank has branches.

“As a bank we invite SMEs in the district to visit our branches and meet with branch managers, tell them what you need and they will help you,” he said.

“You can access loans within four days and we encourage you to use this opportunity to expand your businesses and compete with other businesses in the region and beyond,” he added.

On loans ranging from 31m/- to 50m/-, he said SMEs willing to access this loan must have an NMB account and all the returns must be deposited in the said account.

They must also have certificate of occupancy, sale agreement duly signed by both parties and witnessed by a lawyer, certified copy of a title deed, financial statement for the last three years, and other documents as would he needed and it takes two to four days to process the loans.

These loans are issued at NMB headquarters, he said, adding that SMEs willing to secure between 51m/- and 100m/-, the bank doesn’t take the sale agreement but certificate of occupancy, third party collateral and other documents.

For loans ranging between 101m/- and 1.5bn/-, these are processed within two weeks and required are certificate of occupancy, title deed, financial statements for the last three years, management of accounts and how committed an entrepreneur is, audited accounts and other documents.

Meanwhile, NMB Product Officer Hezbon Mpate has said that the bank has come up with new products for SMEs travelling abroad to conduct business.

NMB Tanzanite MasterCard and NMB Worldwide MasterCard are the new products that NMB has introduced for SMEs so that they can withdraw any amount of money wherever they are abroad depending on the currency of the country they are visiting.

“You no longer need to carry large amounts of cash when travelling, the bank has found a solution to safeguard your finances so visit our branches and get these new products,” he said.

In another development, Abdulmajid Nsekela, the NMB Bank Chief of Retail Banking noted that at the moment the bank leads in terms of infrastructure with over 175 branches, two million customers and over 600 ATMs countrywide.

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