LETTERS -
| 2013-08-09SME Bank Has Failed Us
AFTER being introduced as the bank that will be helping young entrepreneurs with collateral free loans, SME Bank you have utterly disappointed the Namibian youth with so many assurances but yet no promises were fulfilled.
After raising about N$36 000 from various petty jobs here and there, my business partner and I needed an additional N$22 000 to buy a new machine from South Africa. So we decided to go to the new bank, which was seemingly providing collateral free loans to young entrepreneurs.
We were well received and given a long list of financial documents to comply with, which included nine steps.
An accountant was needed to help us with these nine steps of long financial documents for whose services we had to pay, incurring additional costs.
We fully complied with the application for the loan, only to be told by the very same cashier that the SME Bank does not give out collateral- free loans (as stated in their papers).
What type of collateral do you expect a 20-year-old to give you for a mere N$20 000 (My Xbox perhaps)? Looking bitterly disappointed, the cashier tried to console us by telling us the only time the bank can hand you a free loan is when you have a direct purchase order or when you have been awarded a tender.
Well, SME Bank, if it was your objective to help the young struggling entrepreneurs I assure you have failed and on the contrary you are helping sustain the lazy, well-connected and ruthless business people out there winning tenders and shutting out real business-minded people.
Anonymous
By email
After raising about N$36 000 from various petty jobs here and there, my business partner and I needed an additional N$22 000 to buy a new machine from South Africa. So we decided to go to the new bank, which was seemingly providing collateral free loans to young entrepreneurs.
We were well received and given a long list of financial documents to comply with, which included nine steps.
An accountant was needed to help us with these nine steps of long financial documents for whose services we had to pay, incurring additional costs.
We fully complied with the application for the loan, only to be told by the very same cashier that the SME Bank does not give out collateral- free loans (as stated in their papers).
What type of collateral do you expect a 20-year-old to give you for a mere N$20 000 (My Xbox perhaps)? Looking bitterly disappointed, the cashier tried to console us by telling us the only time the bank can hand you a free loan is when you have a direct purchase order or when you have been awarded a tender.
Well, SME Bank, if it was your objective to help the young struggling entrepreneurs I assure you have failed and on the contrary you are helping sustain the lazy, well-connected and ruthless business people out there winning tenders and shutting out real business-minded people.
Anonymous
By email
