By BUUMBA CHIMBULU
TO support the transport sector value chain, Stanbic Bank has partnered with SGC Investments Zambia under which the financial institution will provide affordable financing solutions to the partners’ clients.
Under this partnership, the Bank will provide easy access and affordable short term working capital financing to SGC’s transport subcontractors.
The Bank understands that access to finance is the topmost requirement for transporters and suppliers operating in the transport sector with key cost line being fuel, says Head Trade at Stanbic Bank, Lillian Salasini-Simfukwe.
Ms Salasini-Simfukwe explained that the Bank was able to provide unsecured loans because it recognises the importance of empowering the small and medium suppliers or subcontractors that may not have the balance-sheet for security that banks usually ask for.
To unlock the financing bottlenecks, Stanbic Bank is offering both unsecured and secured financing solutions to the transporters and suppliers in the transport value chain.
“As Stanbic, we see this as an opportunity to support our clients for growth, provide market linkages as we support the drive for Zambia’s economic growth.
“We are committed to partnering with transporters and suppliers to enhance business linkages, thereby creating value and wealth,” she added.
This partnership will also provide access to other solutions such as Vehicle and Asset financing, and import solution, which links Zambian entrepreneurs to markets within the region and beyond.
Commenting on the partnership, SGC Investment Limited Director, George Singanya said partnering with Stanbic Bank would now enable transporters to finally have access to affordable financing that will grow their businesses.
Mr Singanya said partnership would also offer assistance in sourcing and financing of trucks and trailers for transporters’ growing fleets.
He observed that a growing sector needed increased transparency as well as increased inclusion to grow capacity amongst all its players
“As SGC Investment, the biggest challenge we have encountered in the transport sector is financing and we believe partnering with Stanbic Bank, will provide sustainable solutions to pre and post financing as well as vehicle asset financing needs.
“Affordable financing will bring stability and security to transporters, suppliers and at the same time guarantee timely payments, thereby allow for future planning on business growth,’ said Mr Singanya.
SGC specialises in the distribution of petroleum products throughout Zambia and Katanga Province Lubumbashi.