Stanchart introduces GPO Financing for SMEs

The bank says the new product, called GPO Financing, will enable SMEs to deliver orders to the government without necessarily having to provide any security or collateral to the suppliers as the bank will cover in that aspect.

After obtaining a GPO for procuring goods outside the country, the SME will apply for financing from the bank. The bank will then arrange a letter of credit facility to the supplier, enabling the SME to obtain the goods and to supply the government.