While Botswana, together with the rest of the world continues to experience the rippling effect of the outbreak, this time has also presented opportunities for SMEs. As part of its continued commitment to support and grow SMEs, Absa Bank Botswana Limited recently announced its Purchase Order (PO) Financing proposition designed to offer financial assistance to companies that procure goods and services in relation to the fight against COVID-19. The proposition is a short-term finance solution aimed at assisting COVID-19 suppliers to meet their contractual needs. This is done on the backdrop of verified purchase orders.
The companies eligible for the proposition includes, but are not limited to the businesses who have been given purchase orders and local purchase orders by both the Central and Local Government to supply and provide services amongst others; cleaning services (fumigation & disinfection of facilities and premises), COVID-19 food baskets, health care providers, pharmaceutical industry distributors and suppliers.
“At Absa Bank Botswana, we appreciate the important role that SMEs play in the economy. We understand, as a financial partner, we have the responsibility to provide meaningful and purposeful offerings to our clients. As we continue to support the ongoing efforts by our Government in controlling the spread of COVID-19, we note that SMEs are also important partners in the fight against COVID-19. Furthermore, we are cognisant of the fact that cash flow remains a continuous challenge for most SMEs. Against this backdrop, we found it to be of the utmost importance that we offer financial support to assist SMEs to explore available opportunities during this time,” said Keletso Setimela, Head of Business Banking of Absa Bank Botswana Limited.
For companies that procure goods and services relating to the fight against COVID-19 to qualify for Purchase Order Financing, the requirements include;
· Completed purchase order application form
· Proof of a valid Purchase order
· Quotation or Proforma invoice from supplier
· Six months bank statement and one-year financial statements
· Company profile
· Management profile
“More than ever, we remain committed to bringing our stakeholders possibilities to life. We are proud to have the capacity to use our own assets to help SMEs reach their business goals and aspirations. Our stakeholders remain at the heart of our operations as we commit to always finding relevant solutions for their needs.” Concluded Setimela.