NamPro Fund bridges SME finance
Nampro Fund, a bridging finance solution for Small-Medium Enterprises celebrated its 5th year in operations with an Open day on 11 September.
A number of enterprises and business owners attended the information sharing day with prospective customers’ being granted an opportunity to ask questions in terms of products offered. The Fund’s services and the method of doing things were explained with the opportunity for a Q&A session afterwards where the employees answered questions and also highlighted the significance of establishing procurement contracts with them. Selma Moongo on behalf of NamPro Fund said that,“Beyond doubt, the small and medium enterprise sector is one of the greatest contributing factors to the growth of the Namibian economy.”
Nurturing the growth of small and medium enterprises, NamPro Fund affirms its strong commitment to enable SME businesses to soar to new heights. Initially funded by the Government Institutions Pension Fund through a N$ 160 million allocation, the Fund’s capitalization stands at N$ 300 million and has funded over N$ 400 million worth of facilities to SME’s. The Fund’s primary focus is providing local SME’s, who are awarded supply contracts by reputable larger corporates, government departments/ministries, State-Owned Enterprises or viable Local Government Authorities, with access to short-term working capital facilities in the form of bridging finance. This includes contracts requiring their value-add over time (usually less than a year), purchase order finance and invoice discounting as well as issuing of bid bonds and performance guarantees in support of their bids for awards of contracts. The Fund also provides SME’s awarded service contracts with asset-backed finance (lease finance) to meet their plant and equipment requirements needed to service the contracts. The NamPro Fund is committed to modern principles and practices of good corporate governance. The Fund’s Trust Governing Board (TGB) has established three sub-committees Audit, Risk and Compliance Committee (ARCC), Conflicts Resolutions Committee (CRC) and an Investment Committee (IC).