Local firms scramble for govt's P1bn loan guarantee scheme

FNBB is one of several participating local banks in the initiative, under which government will guarantee 80% of the loan amounts disbursed to qualifying firms. Run by government’s credit insurance agency, Botswana Export Credit Insurance, the scheme offers loans of up to P25 million and government guarantees of up to 24 months in tenure. Applications will be closed on the November 30, 2020. This week, FNBB CEO Steven Bogatsu, said the bank was assessing the applications, which come from a cross section of businesses in the country.

“The bank is assisting all eligible businesses and receiving applications from various sectors including business services, construction, electricity, finance, manufacturing, mining, real estate, trade, travel and tourism as well as water sectors,” he said.