March 2013: Barclays Bank of Botswana has partnered with the Lundin Foundation and Boteti Mining to launch a new product aimed at cultivating economic activity in the Boteti Sub District. The Lundin Foundation Guaranteed Loan Scheme is a micro finance scheme dedicated to the residents and businesses operating in the Sub District.
The scheme was launched in March in Letlhakane with dignitaries from the partner entities, the tribal authority and the community at large all present to witness the occasion.
Officiating at the event, the Minister of Trade & Industry Hon. Dorcus Makgato - Malesu applauded Barclays Bank of Botswana for coming up with the scheme that extends financial opportunities in Boteti Sub District, adding that it offers a good economic empowerment vehicle for the region. "This initiative is in line with the mandate of my Ministry, which is to create a conducive environment for the development of sustainable industries and trade," she confirmed.
The Minister commended the bank for assisting in the economic diversification programme, which she emphasised creates wealth and employment opportunities for Batswana.
Barclays Botswana Finance Director Ms. Lipalesa Makepe said: "Our business agenda at Barclays is to be a sustainable business that is a force for good to the communities with which we do business, our stakeholders and to the entire nation. Our purpose is to help people achieve their ambitions in the right way, and this is just one initiative through which we aim to realize this objective," she explained.
Through the scheme, LEA will provide business development services to the residents, existing, or start-up businesses in the Boteti Sub District who meet the basic requirements for the scheme.
The authority will provide such assistance as business plan development, full applications to the bank as well as business mentoring upon qualification.
The businesses will be financed with unsecured loans of between BWP 10,000 to BWP 40,000 payable in 48 months and secured loans of between BWP 10,000 TO BWP 100,000 payable in 60 months. The loan carries a minimal interest rate, and has a partial guarantee program provided by the Lundin Foundation.