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SME bank launches agricultural window.
SME bank launches agricultural window.
The SME bank has launched a programme to fund SMEs involved in the agribusiness sector. The recently launched financing window has come to existence, thanks to a partnership agreement between the SME Bank and the Small and Medium-sized Enterprises Promotion Agency, SMEPA. The convention designates the management of the Agriculture and Agribusiness Transformation Programme, Transfagri to the SME Bank. Transfagri is being funded by the French Government, to the tune of about FCFA 20 million. The scheme will be implemented over a one year period and will facilitate the training of personnel and the effective development of agricultural projects. According to Agnès Ndoumbè Mandeng, Director of the SME Bank, “the programme seeks to boost the skills of personnel involved in the specific sectors related to the services to be rendered by the new business plan.” She stressed that it is “imperative to consider the agribusiness sector as one of the major sectors that will bring about the desired emergence.” For the sector to effectively play this role, an increase in the human and financial resources is essential.
The bank has indicated it will be establishing offices to host this new outfit in Yaounde, Douala, Bafoussam, and Garoua. Details reveal that particular attention will be paid to cereals like wheat, maize, rice, millet, beans, and soya beans. Other produce to also benefit from the scheme include fish farming, palm oil production, pineapple production and poultry. Beyond the new product, the bank exists to provide financial support to business promoters, by granting short, medium and long-term loans to SMEs in order to finance their activities. News of the bank’s creation was first announced by the Head of State, President Paul Biya during the Ebolowa Agro-Pastoral Show in 2011. It is supported by the Ministry of Finance.
SMEs represent nearly 95 per cent of the country’s economic fabric. But most SMEs promoters find it difficult to access loans from traditional banks, which generally require guarantees that are difficult to access for local entrepreneurs as most do not own fixed assets such as land and buildings.
Culled from Cameroon Insider