Walter Wafula
6 August 2008
Kampala — Business people in Uganda will for the first time be able to access loans of up to Shs70 million, with the Barclays Business Instalment Loan (BIL) launched last week.
BIL has both unsecured and secured options, which will enable small and medium enterprises (SMEs) borrow money over a given period of time and make repayment on an equal monthly instalment basis.
Barclays Uganda Retail Director, Ms Vivian Igundura said "We are offering this product to resident nationals whose transactions are of a business nature, and who have a monthly credit turnover less than Shs25 million." She said the loan is meant to enable them meet their business needs.
"As our brand promise says, we are keen to provide avenues for our customers to grow," Ms Igundura said. This category of customers will be able to borrow a minimum of Shs2million and up to a maximum of Shs70million unsecured; they will also be able to borrow up to Shs250million with security.
"The repayment process is manageable, as it is spread over a period of 60 months. We have structured it in this way to enable our customers achieve their growth goals and dreams even if they do not have property to secure a bank loan," Ms Igundura said.
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