The initative will provide small businesses with non-financial solutions to establish a sustainable business model, as well as banking services and funding opportunities.
One of Egypt's leading private sector banks, Commercial International Bank (CIB), has announced the launch of a new initiative that aims to provide small businesses with the non-financial solutions needed, along with a package of banking products and services, to establish a sustainable business model, while also offering funding opportunities.
'Growing Together' comes as part of CIB Growth, a recently launched segment designed for small enterprises with an annual rate turnover between EGP 1-50 million, to facilitate banking for small enterprises through credit facilities with flexible repayment durations, a dedicated call center serving Business Banking customers and non-banking consultancy services.
“CIB works tirelessly to provide small businesses with the best banking and non-banking professional services,” said Rashwan Hammady, Head of Retail Segments and Products. “The initiative was raised from CIB believes that small businesses are key driver of the national economy, and our commitment toward small businesses in helping them to sustain their businesses , and upgrade their current capabilities by equipping them with integrated banking solutions that meet their financial needs as well as customised business solutions to help small businesses adapt to the ever-changing market.”
Successful applicants can gain up to EGP 50,000, while one will receive up to EGP 250,000 in the form of business solutions to cover up to 80% of the costs of services and consultancy packages provided by the service providers network of CIB business solutions programme.