The Suez Canal Bank has announced the launch of a new financing product for small- and medium-sized enterprises (SMEs) in various activities, under the name “Your Loan, Your Aid”.
The new product provides financing of up to EGP 5m for SMEs operating in commercial and industrial activities, specially contracting, and activities related to renewable energy. The financing is provided with a special interest rate and a repayment period of up to 5 years.
The introduction of the new product comes within the framework of the bank’s expansion plan in the SMEs sector, with the aim to create new job opportunities, increase the economic growth, and replace imported products with local ones.
The launch of the new product also comes as a continuation of the support given by the state and the Central Bank of Egypt to the private sector, especially SMEs.
Hussein Refaei, Chairperson and Managing Director of the Suez Canal Bank, stressed that the expansion in financing SMEs by providing many financing solutions contributes to the integration of this large segment into the formal economy, which contributes to achieving the strategy of the state and the Central Bank for financial inclusion. It enhances job creation, achieves sustainable development, and increases economic growth rates.
To get the new product, the owners of SMEs are required to provide a photocopy of the national IDs for all partners and guarantors, a new commercial register, a new tax and insurance record. The project should also have a budget for the last 3 years.
The applying companies must also provide a written quotation covering all aspects of the business, in the case of financing machinery, equipment, means of transportation, and licences.
