Bank Windhoek SME recovery loans assistance clocks N$ 200 million

On Monday, 20 May 2024, Bank Windhoek’s Head of Small and Medium-sized Enterprises (SME), Financial and Data Analytics, Bianca Janse Van Vuuren, announced that the Bank has fully utilised the N$ 200 million allocated under the Small and Medium-sized Enterprises (SME) Economic Recovery Loan Scheme, of this amount N$ 192 million is already disbursed, with the remaining N$ 8 million approved pending disbursement.

Van Vuuren said that the achievement underscores a crucial step forward in revitalising struggling businesses and bolstering economic recovery efforts. “Bank Windhoek assisted 137 SMEs through this scheme. With this much-needed financial assistance, these businesses are geared to navigate uncertainties and unlock new avenues for growth and prosperity,” she said.

Re-launched in February 2023, the SME Economic Recovery Loan Scheme is an initiative by the Namibian Government supported by various financial institutions designed to provide much-needed financial assistance to SMEs that suffered through the onslaught of the economic downturn since 2016. “Recognising the vital role SMEs play in driving economic growth and employment, Bank Windhoek participated in this initiative to offer support to various businesses to assist with the recovery of such businesses,” said Van Vuuren.

She added that the success of the SME Economic Recovery Loan Scheme reflects not only the dedication of Bank Windhoek but also the unwavering resilience and determination of SME entrepreneurs to overcome adversity and thrive in challenging times. “By fostering partnerships and collaboration between financial institutions, SMEs, and other stakeholders, Bank Windhoek continues to champion the aspirations of entrepreneurs and contribute to sustainable economic development,” she said.

Looking ahead, Van Vuuren said that Bank Windhoek remains steadfast in its commitment to supporting viable SMEs and is already exploring other avenues for possible assistance. “As we celebrate the successful disbursement of funds under the SME Economic Recovery Loan Scheme, let us reaffirm our collective commitment to empowering SMEs as growth, innovation, and resilience engines. Together, we can build a brighter future where businesses can thrive and contribute to a thriving economy,” concluded Van Vuuren.