The Bank of Namibia (BoN) has so far paid out N$ 85,9 million to SMEs through its SME Economic Recovery Loan Scheme.
The Scheme is designed to support SMEs in an effort to promote economic recovery.
The Central Bank says the SME Economic Recovery Loan Scheme is a much-needed boost that has created employment opportunities for Namibians who would have otherwise been jobless in the aftermath of the COVID-19 pandemic and geopolitical storms.
Director of Strategic Communications and International Relations at BoN, KAZEMBIRE ZEMBURUKA says the scheme has garnered a significant response.
"Currently, 200 small and medium-sized enterprises have submitted applications for the loan scheme. Out of this number, more than 80 SMEs with a total value of N$85.9 million have been granted the loan while the remaining 120 applications are presently undergoing review. The SMEs hail from wide-ranging sectors including hospitality, retail, import and export, and oil and gas."
The loan scheme involves the allocation of N$ 500 million to eligible SMEs who are then able to seek loans from N$50 000 to N$10 million.
"The positive reception of the SME economic recovery loan scheme is a source of encouragement. It underscores the pressing demand for such assistance for small and medium-sized enterprises in the country. We are convinced that the provision of loans will significantly contribute to the revival of businesses. We are steadfast in our dedication to ensuring that the scheme is accessible to all eligible SMEs countrywide."
SMEs are encouraged to contact their respective commercial banks and the Development Bank of Namibia for further consultation and application procedures.