IN a bid to overcome challenges regarding access to finance for local Small, Micro and Medium Enterprises (SMMEs), Standard Lesotho Bank has introduced a number of solutions to make it easy for businesses to grow and realise their dreams.
Sept. 16, 2022
3 min read
Standard Lesotho Bank offers financial solutions to local SMMEs
Standard Lesotho Bank
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Through enterprise banking, which is a division of the bank that services SMMEs, the bank has continued to expand its footprint through making Basotho’s dreams a reality.
The new Customer Value Proposition for enterprise banking provides Basotho businesses with pre-scored lending that provide SMMEs faster access to finance and cover those pressing needs required that keep businesses running.
These include working capital loans, order finance loans, overdrafts, vehicles, and asset finance loans that enable Basotho to purchase stock, machinery, trucks, and property to grow their businesses.
“As an example, our new order financing solution no longer requires financial statements and security, this new development makes it easier for Basotho businesses to get access to finance that it also quicker to process. These products help ease the lives of SMMEs owners by offering convenient, affordable, and reliable services to boost their businesses,” Standard Lesotho Bank said this week.
The new enterprise banking proposition further aligns with Standard Lesotho Bank’s far-reaching pledge to respond meaningfully to the massive unrest that has been suffered by small businesses and help them as they try to recuperate post the COVID-19 crisis and beyond.
Enterprise banking offers SMMEs a variety of options to access banking and financial services with convenience, reliability, and affordability.
By constantly reimagining its commitment with SMMEs and altering its operations to be agile, the bank is moving away from a transactional relationship towards one that is more transparent, lasting, and dependable.
Essentially, Standard Lesotho bank has and continues to position itself as a trusted partner for Basotho SMEs.
COVID-19 set several businesses back, while some sadly closed completely. The bank however, reached out to Basotho SMMEs to give them hope and rebuild their companies.
During the height of the Covid when the whole world was engulfed by a state of uncertainty and businesses were failing to realise profits, the bank provided several measures to keep businesses afloat.
Among some of the COVID-19 reliefs was a debt relief package for businesses and individuals worth over M624 million to account holders with existing loans with the bank.
Additionally, in December 2020, the Bank awarded 10 winners recapitalisation finance to the value of M600 000 through the Entrepreneurs Support Competition, with the goal to still further support businesses that were enduring the COVID-19 impact.
Enterprise banking solutions place the power at the fingertips of businesses with accessible and fast self-service banking services that allow them to pay suppliers and employees from the comfort of their own businesses. That way, business owners are able to spend more time focusing on growing their businesses.
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“The challenges of the past years have led the bank to refocus and strengthen how it communicates to the wider Basotho community. Through the enterprise campaign, the bank aims to equip business owners across Lesotho with technical and business support to help them in rebuilding their establishments.
Essentially, the campaign aims to be a real-time case study providing insights on how businesses react to changing conditions and how Standard Lesotho Bank holds their hand at every step of the way.
“We believe that all dreams are possible, no matter how big or scary. Even when they tell you that you can’t, we believe you can. So, trust us to get you there and be by your side when you build and manage your business,” said Standard Lesotho Bank Head of Business and Commercial Banking, Keketso Makara.
Makara added that these interventions are a clear demonstration that the bank has the interest of Basotho businesses at heart at the time of hardship, but now that the economy is returning to normalcy, the focus is to grow Basotho and revive the economy.