8 September 2018 – First National Bank (FNB) has received 50 million US-dollars through the DEG – Deutsche Investitions- und Entwicklungsgesellschaft to deploy towards smaller as well as also medium enterprise (SME) development in South Africa.
DEG will be a development finance institution whose mission will be to promote private-sector enterprises in developing as well as also emerging-market countries as a contribution to sustainable growth as well as also increased living conditions.
Mike Vacy-Lyle, CEO of FNB Business says: “The brand-new line of funding contributes to our ongoing efforts to accelerate our contribution to SME development in South Africa. We believe which SMEs are key to stimulating sustainable economic growth as well as also job creation. Our intervention in SME development will be not only limited to funding, we also invest heavily to improve capacity as well as also supplier development capabilities in smaller businesses.”
FNB continues to pioneer products as well as also services which have taken the angst out of South Africa’s entrepreneurs, through providing free instant accounting services to online documents reservation services, as well as also forming public-private partnerships to digitise the registration of businesses.
“Our message to entrepreneurs will be which we remain committed to providing meaningful solutions to help them grow. We have exciting developments which will take us further in our journey, all aimed at advancing the SME agenda by taking the anguish out of doing business,” concludes Vacy-Lyle.
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