Boost for small businessesTrustco, European Investment Bank get behind SMEs The European Investment Bank has granted Trustco Bank a N$113 million credit facility to provide loans to small businesses. Trustco Bank, together with the European Investment Bank, will support small and medium enterprises after the two financial institutions signed a credit facility to the value of N$113 million this week. Thanking the European Investment Bank for the facility, Trustco Group chief executive officer Quinton van Rooyen said: “The Trustco Group remains committed to a vision of creating wealth for our shareholders, customers and employees while impacting positively on society and our planet.
“This facility will enable Trustco to contribute meaningfully to the aspiring citizens of Namibia, for whom I have a great affinity. By providing much- needed loans that traditionally have been difficult to obtain, the Group will fully demonstrate its commitment to business and entrepreneurs.”
Speaking on behalf of the European Investment Bank, its vice-president Pim van Ballekom said: “The European Investment Bank has a strong track record in supporting crucial investment programmes across Africa and around the world.
We are glad to support Trustco Group Holdings Limited in continuing to provide loans to a crucial segment of the economy that has traditionally struggled with getting access to finance.”
Van Rooyen noted that the credit facility is expected to aid between 500 and 1000 small and medium enterprises and individual entrepreneurs throughout Namibia.
Van Ballekom added, “As the European Investment Bank typically doesn''t finance more than 50% of any project, Trustco Group Holdings Limited will match this investment with other term funding and future injections of capital by the Group.”
STAFF REPORTER