Commercial International Bank (CIB), Egypt’s leading private sector bank, has announced the launch of its new initiative “Growing Together”. The initiative aims to provide eligible applicants from small businesses with the non-financial solutions needed along with a package of banking products and services to establish a sustainable business model and grant them funding to open new doors on their road to success.
This comes as part of capitalizing on CIB Growth, the recently launched segment designed for small enterprises with an annual rate turnover between EGP 1-50m to facilitate business banking for small enterprises through benefits such as credit facilities with flexible repayment durations, a dedicated call center serving Business Banking customers, and non-banking consultancy services. The “Growing Together” initiative will further empower small businesses and help them prosper in today’s market.
The initiative is in line with CBE directives and the country’s SME support agenda, in addition to falling under the Bank’s commitment as a partner for the small business segment as well as a promoter for growth and development for small business owners. Chosen applicants will be granted a support of up to EGP 50,000, and one business will receive the grand support of up to EGP 250,000 in the form of business solutions to cover up to 80% of the costs of services and consultancy packages provided by the service providers network of CIB business solutions program.
“CIB works tirelessly to provide small businesses with the best banking and non-banking professional services,” said Rashwan Hammady, Head of Retail Segments and Products. “The initiative was raised from CIB believes that small businesses are key driver of the national economy, and our commitment toward small businesses in helping them to sustain their businesses , and upgrade their current capabilities by equipping them with integrated banking solutions that meet their financial needs as well as customized business solutions to help small businesses adapt to the ever-changing market.”