Nabil Bank inaugurated its mid-corporate and SME Hub at the United World Trade Center, Tripureshwor, by the bank’s Chairman Shambhu Prasad Poudyal. The Hub caters to business enterprises involved in trading, manufacturing and services of mid-corporate (MCOR) and SME sizes. The Hub also looks after direct and indirect micro financing activities at its various branches across the nation.
Mid-Corporate lending covers loans above Rs 3 crores up to Rs 10 crores a single unit or group. SME lending covers loan exposure up to Rs 3 crores, whereas Micro Finance covers direct lending to individuals and units, wholesale lending to MFIs and Cooperatives, as well as equity investments in MFIs.
Nabil Bank and UKaid Sakchyam also joined hands to promote access to finance to the Micro and SME sector. Sakchyam and Nabil Bank will be jointly working on market assessment, product development, process and operational set up and training and development targeted for rural areas. A Memorandum of Understanding (MoU) to this end was also signed between Nabil Bank and Sakchyam during the inauguration of the Hub.
Anil Shah, Officiating CEO of the bank stated, “Currently we have a mid-Corporate and SME loan book of over Rs 25 billion and want to exponentially increase it in the days ahead. Mid-corporates and small and medium enterprises are the backbone of our economy and Nabil Bank wants to play an active role in the growth of this sector”.
Baljit Vohra, Team Leader of Sakchyam said, “To unleash the potential of SMEs in Nepal, Sakchyam has been working in partnership with various financial institutions, especially commercial banks, to facilitate easy access of innovative new financial products and services to SMEs. We are particularly excited about the Nabil partnership, and its commitment to set up a dedicated SME Hub.”