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Banks sign deal on SME financing

Equatorial Commercial Bank (ECB) and Africa Guarantee Fund (AGF) have signed an agreement on financing of Small Medium Enterprises (SME’s).

In the deal,  Africa Guarantee Fund will cover 50 per cent of the amount disbursed by Equatorial Commercial Bank as loans to SME’s in the next five years.

The agreement comes  as Equatorial bank tries to stay competitive in the market by venturing into SME financing.

Besides giving SME’s access to partial credit guarantees, Equatorial Bank will train SME’s on how to grow their businesses.

Africa Guarantee Fund was started to address the demand of SME financing.