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NC Bank has partnered with Ganatra Plant & Equipment Limited (GPE), the sole authorised distributors for the JCB brand in Uganda and Kenya, to make it easier for individuals and SMEs to acquire construction equipment.
The partnership which was officially signed on Tuesday at the JCB showroom located along Kampala road will see JCB customers receive financing for equipment with a 5 percent subsidy on the customer’s contribution per equipment. The total subsidy is to be used as a deposit enhancement for the minimum contribution or in addition to the customer’s contribution.
While addressing media, NC Bank Managing Director, Sam Ntulume said that this partnership will go a long way in supporting businesses to acquire the equipment needed which will play a big part in helping them grow and expand their business.
“We believe this scheme will benefit all players in the construction industry; both individuals and Small and Medium Enterprises (SMEs), who want to grow their businesses and acquire new assets, but face strained cash flows. Through this partnership, they will now have an opportunity to purchase equipment to expand their business when they have less deposit amounts”, Ntulume said.
“Every loan will be considered on a case by case basis. We will consider your cash flows and structure the facility in a manner to fit with in it. Therefore the payment could be monthly, quarterly or annually depending on your cash flow.” He added.
JCB General Manager, Ms Ashiana Jivraj expressed excitement about the partnership and noted that this will enable SMEs and local contractors to acquire quality construction equipment even when they are unable to raise the required deposit.
“The partnership between NC Bank and JCB through GPE will offer a fixed total subsidy per unit on a deal by deal basis to customers who qualify under the bank’s credit approval,” she noted.