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AfricaMoney | August 24, 2017

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Banks approve credit facilities of Rs 4.49 bn for SMEs in Mauritius

Banks approve credit facilities of Rs 4.49 bn for SMEs in Mauritius

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). (Image: resources.newhomesource)

Banks approved total credit facilities worth Rs 4.49 billion for financing projects of small and medium enterprises (SMEs) in Mauritius under the SME Financing Scheme from December 1, 2011 to January 31, 2015.

Of this amount, Rs 1.96 billion is in the form of loans, Rs 1.74 billion in the form of overdrafts, Rs 218.2 million in the form of lease finance while Rs 575.2 million appeared under the category of ‘other financing’, according to data provided by the Bank of Mauritius, February 20, 2015.

To compare, the approved amount from December 1, 2011 to December 31, 2014 shows total credit facilities was worth Rs 4.41 billion for financing projects of small and medium enterprises 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’.

Finally, the credit amount outstanding as at end-January 2015 was Rs 1.71 billion, of which Rs 1.02 billion was in the form of loans, Rs 515 million in the form of overdrafts, Rs 118.5 million under finance lease and Rs 60.86 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 1,606 applications of Rs 2.96 billion received and only 26 applications for Rs 48.12 million rejected while SBM came second with 863 applications to the tune of Rs 924.53 million received, of which 41 applications for Rs 56.01 million were dismissed.’

Finally, rounding up the top three, MPCB came far behind the two major banks with 235 applications received for Rs 386. 71 million and 49 applications dismissed for a total amount of Rs 119.82 million.

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