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AfricaMoney | October 18, 2017

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Banks approve credit facilities of Rs 4.41 bn for SMEs in Mauritius

Banks approve credit facilities of Rs 4.41 bn for SMEs in Mauritius

According to central bank data, the three banks that received most of the applications under the SME financing scheme were Mauritius Commercial Bank Ltd (MCB), State Bank of Mauritius Ltd (SBM) and Mauritius Post and Cooperative Bank Ltd (MPCB). (Image: sararickover.files)

Banks approved total credit facilities worth Rs 4.41 billion for financing projects of small and medium enterprises (SMEs) in Mauritius under the SME Financing Scheme from December 1, 2011 to December 31, 2014.

Of this amount, Rs 1.93 billion is in the form of loans, Rs 1.71 billion in the form of overdrafts, Rs 209.3 million in the form of lease finance while Rs 562.6 million appeared under the category of ‘other financing’, according to data provided by the Bank of Mauritius, January 20, 2015.

To compare, the amount approved for November amounted to Rs 4.27 billion with 1.86 billion is in the form of loans, Rs 1.66 billion in the form of overdrafts, Rs 206.72 million in the form of lease finance while Rs 541.98 million appeared under the category of ‘other financing.

Overall, banks received 3,342 applications amounting to Rs 5.54 billion for credit facilities under the SME Financing Scheme, of which 166 applications amounting to Rs 356.02 million were rejected, which is a steady figure compared with December 1, 2011 to November 30, 2014.

Finally, the credit amount outstanding as at end-December 2014 was Rs 1.71 billion, of which Rs 1.02 billion was in the form of loans, Rs 502 million in the form of overdrafts, Rs 116.5 million under finance lease and Rs 70.87 million under ‘others’.

According to the central bank data, the three banks that received most of the applications were once again all local banks namely Mauritius Commercial Bank Ltd (MCB), State Bank of Mauritius Ltd (SBM) and Mauritius Post and Cooperative Bank Ltd (MPCB).

MCB was once again a clear leader with 1,565 applications of Rs 2.90 billion received and only 26 applications for Rs 48.12 million rejected while SBM came second with 834 applications to the tune of Rs 897.76 million received, of which 40 applications for Rs 54.01 million were dismissed.’

Finally, rounding up the top three, MPCB came far behind the two major banks with 232 applications received for Rs 384.03 million and 48 applications dismissed for a total amount of Rs 119.54 million.

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