Barclays Bank of Botswana together with the Lundin Foundation, Local Enterprise Authority (LEA) and Boteti Mining, have launched a new product aimed at cultivating economic activity in the Boteti Sub District.
According to a statement from Barclays, the Lundin Foundation Guaranteed Loan Scheme is a micro finance scheme dedicated solely to the residents and businesses operating in the Boteti Sub District.
The scheme aims to empower the residents and businesses of the said region, by offering business mentoring and financing to these entities.
Speaking at the launch of the scheme in Letlahakane recently, The Minister of Trade and Industry, Hon. Dorcus Makgato Malesu commented thus;
“This initiative is in line with the mandate of my Ministry, which is to create a conducive environment for the development of sustainable industries and trade. This is aimed at growing the economy through economic diversification, in order to create wealth and employment to improve the living standards of Batswana.”
The statements further states that four partners in this offering, who all have a presence in the region, said they saw it fit to forge a partnership which would contribute positively to the development of the region.
Commenting on why they felt the need to come up with this product, the Finance Director for Barclays Bank Ms. Lipalesa Makepe had this to say;
“Our business agenda at Barclays is to be a sustainable business that is a force for good to the communities with which we do business, our stakeholders and to the entire nation. Our purpose is to help people achieve their ambitions the right way, and this is just one initiative through which we aim to realize this objective,” she asserted.
Through the scheme, LEA will provide business development services to the residents, existing, or start-up businesses in the Boteti Sub District who meet the basic requirements for the scheme.
The agency will provide such assistance as business plan development, full applications to the bank as well as business mentoring upon qualification.
The businesses will be financed with unsecured loans of BWP 10,000 to BWP 40,000 payable in 48 months, and secured loans of BWP 10,000 TO BWP 100,000 payable in 60 months.
The loan carries a minimal interest rate, and has a partial guarantee programme provided by the Lundin Foundation.