BY BANELE MAGONGO
MBABANE – Nedbank Eswatini is revolutionising the entrepreneurial landscape with an introduction of Small and Medium Enterprise (SME) Account.
Nedbank’s Sive Shabangu, speaking on Nedbank’s ‘Business Watch’ programme on Eswatini TV (Wednesday, June 12, 2024) highlighted the importance of the Nedbank SME Account for entrepreneurs in Eswatini.
Shabangu emphasised that the SME account is critical in enabling entrepreneurs to access financial assistance from Nedbank. Upon opening an SME account, customers are assigned a dedicated banker who serves as an advisor, guiding them through the bank’s various services.
Shabangu further clarified that business loans are available to SMEs for the purpose of starting or expanding existing businesses. A well-crafted business plan, which serves as a roadmap for the venture, is a mandatory requirement for this type of loan.
The bank assesses the business plan to determine the viability of the proposed business and the borrower’s ability to repay the loan. This approach ensures that the bank extends credit to businesses with a high likelihood of success, fostering sustainable growth in the local economy.
He reiterated that Nedbank advisors are well-equipped to assist entrepreneurs with formulating successful business plans. The bank’s loan approval process depends heavily on the quality of the business plan, which serves as a gauge for the borrower’s ability to repay the loan. In addition to the business plan, the bank also assesses projected cash flow for the first month of operations, giving them a comprehensive understanding of the business’s financial position.
