TIB Corporate Bank unveils loan facility for contractors

Mwanza. The TIB Corporate Bank has introduced a new loan facility that is deliberately designed to cater for the needs of local contractors.

The ultimate goal of the financial entity is to build and strengthen contractors’ financial capacity so they can play an increasingly important role in the construction industry.

With the loan, contractors will be able to meet their working capital needs as well as be able to purchase construction equipment among other needs.

Speaking during the Annual Contractors Registration Board meeting in Mwanza over the weekend, of which the bank was the main sponsor, the head of corpoprate banking at TIB Corporate Bank, Theresia Soka, said the bank understands the challenges faced by contractors in Tanzania including lack of financial capacity which hinders their ability to to compete in the construction industry particularly in bidding, securing and executing contracts.

‘This special loan facility for the local contractors is tailor made in order to support and create a favourable operating enviroment, and thus enable them to compete with international contractors and thus contribute to the economy of the country,” said Ms Soka.

She said local contractor are only requyired to submit their accreditation as registered contractor in order to access the loan.

Speaking at the event, the TIB Corporate Bank acting director of customer services, Ms Bahati Minja said the goverbment-owned bank has also upgraded its banking services to ensure local contractors play a key role in the national development.

Some of the contracors who attended the meeting commended TIB Corporate Bank for supporting their industry, noting that the loans will help them run their companies more efficiently and thus create more jobs.