Tue, 22 Nov 2016 11:09:46 +0000
FOCUS Financial Services Limited has raised K30 million to support over 1,000 small and medium enterprises in Zambia, according to company managing director, George Mubipe.
Mr Mubipe further stated that SMEs could help drive the economy forward and called for the creation of a positive environment to grow these businesses.
“The challenges that the SMEs face are real and so we have to come up with equally real and tangible solutions that unlock opportunities to propel SMEs to achieve their ambitions to grow as well as make the necessary impact on the economy as private sector should,” he said.
He said the additional funding demonstrated Focus Financial’s on-going commitment to work with strategic partners such as Advance Global Capital Limited in order to accomplish the goal of providing support to a promising SME sector.
Focus Financial is one of Zambia’s leading small and medium-sized enterprise financing company with funding provided by a line of credit from Advance Global Capital.
The K30 million programme, equivalent to US$3 million, would enable over 1,000 SMEs to access finance to perform on their contracts, optimise cash flow, and avoid traditional bank lending requirements that are often too strict for the sector.
Meanwhile, Global head of Origination and Structuring of AGC, Giles Sablin, said his company was delighted to partner with Focus in supporting SMEs.
“We are thrilled we have found a partner who shares our goal of supporting SMEs by giving them control over their cash flow so they can say ‘yes’ to opportunity– instead of waiting to get paid,” he said.