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SBFA halts lending on loans |14 October 2017

The board of the Small Business Financing Agency (SBFA) has decided to halt lending on loans until all backlogs are cleared.

This is because there has been an increase in requests for loans and the funds allocated from the budget and total loan repayments were not sufficient to cater for all the loan requests received.

This decision, taken during the board meeting, will be maintained until the backlogs are cleared.

So far SBFA has cleared most of the loans which were approved last year, and since July this year, it has been considering cases for new loan applications received last year.  It is expected that most of the requests will be cleared by the end of the year. 

The SBFA is also taking measures against defaulters. And it is reiterating its call for all those who have borrowed from the agency to honour their agreement.

 

 

 

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