Barclays Bank opens Sh30 billion war chest for SMEs

Barclays Bank has announced a Sh30 billion war chest to lend to Small and Medium Enterprises (SMEs). The bank, which has in the past only focused on retail and corporate banking, yesterday said it had dropped some of the stringent requirements that lenders demand from the SME market.

For example, borrowers will no longer need to have audited financial statements to access the loans. Borrowers will get up to Sh6 million in unsecured loans. Borrowers will also not need to be account holders in the bank to get the loans but they will be required to open an account with the bank after the loan is approved.