Press Releases

Reduction in lending rates for loans at the Seychelles Business Financing Agency

February 06, 2018

Tuesday 6th February 2018, VICTORIA, The Seychelles Business Financing Agency, SBFA, has reviewed the lending rate for loans, effective from January this year. The new rate is now 4% for loans up to SR75, 000 and 4.25% above. The maximum amount provided by SBFA is SR300, 000.

The SBFA Board has revised the existing lending policy and has reviewed some criteria; among which is the need for clients to get their Credit Information System, CIS from their respective banks prior to applying for a loan with SBFA. Clients will now not be able to apply for a loan for transport and import and whole sale, as they are not considered productive sectors.

The Chief Executive Officer of SBFA, Mrs. Rosanda Alcindor says that they have also resumed lending for those interested to apply for a loan at SBFA. She said that last year, they have managed to clear all pending backlogs.

And on the issue of repayment of the loans, Ms Alcindor states that there has been an increase in the amount collected, mainly due to the campaign done throughout the year to encourage clients to repay their loans and honour their commitments. Last year, they have managed to collect SR42 million, which has been used to clear the backlog and will also be used to complement the budgeted amount of SR25, million from the government to assist more clients.

Since January of this year, SBFA has started lending again and is calling on members of the public to submit their applications.

The SBFA is happy to provide more details in an interview, set for Thursday 8th February 2018, at 10.30 a.m. at the, Unity House.

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