Angola: Sol Bank launches line of credit to support SMEs
The new line of credit aims to enhance and strengthen national entrepreneurs.A K5 billion (€34.5 million) line of credit was launched on Friday (August 21st) in Luanda by Sol Bank to support micro, small and medium-sized entreprises (MSMEs) in Angola.
The new line of credit, dubbed Sol Entrepreneurship 2015, aims to enhance and strengthen national entrepreneurs.
The institution’s executive manager, Carloa Van-Dúnem, added that the line of credit was also created to bring banking services closer to the community and cut red tape for loan-seekers, reports the newspaper Jornal de Angola.
Banco Sol’s deputy director for SMEs, Viriato Capita, noted the loans will be granted to entrepreneurs in the restaurant, health, wholesale and retail sectors.
The initiative should help improve access to loans for small businesses in the country. According to a report from the African Development Bank called Private Sector Country Profile, no more than two or three per cent of SMEs have access to credit, mainly because of the difficulties new companies have providing guarantees.