BoN, Finance Ministry re-launch SME Economic Recovery Loan Scheme
Bank of Namibia and the Ministry of Finance and Public Enterprises have re-launched the SME Economic Recovery Loan Scheme.
This scheme was created with the aim of rescuing the SME sector, which was hit hard by economic headwinds, particularly the COVID-19 pandemic.
The COVID-19 pandemic, depressed profits, and financial losses due to COVID-19 and further coupled with the global economic recession and geopolitical tensions.
The buying power within communities has diminished, and this has resulted in a deteriorating state of affairs for many SMEs.