Access to commercial finance in Afghanistan remains a serious obstacle to growth for SMEs. In a major breakthrough, earlier this week one of our Round 1 grantees has managed to secure long-term finance of US$250,000 from a local bank, largely thanks to support from the ABIF fund management team (who made the introduction and assisted with some of the negotiations), the strength of the business plan that the grantee presented and the fact that the ABIF grant agreement is signed and effective.
We have not had to provide any guarantees, all we have done is reassured the bank that the applicant has a viable business plan, has been through an extensive due diligence process and will receive the grant payments as various project implementation milestones are achieved. This relatively light-touch approach has helped to unlock a substantial loan for the applicant, allowing him to pre-finance the purchase of machinery essential to the investment project.
This is a major endorsement of our assertion that ABIF grants do not displace commercial finance, instead they should actually stimulate the commercial finance market. While this is a relatively small start in the greater scheme of things, this loan agreement shows the wider potential impact that ABIF can have on SME and market development. We hope that having helped one applicant to secure this finance and having familiarised the bank with our procedures, this will open the door to a wider co-operation between the project and the bank and we will see other current and future grantees achieving similar results.
We are all delighted for the applicant and are now looking forward to the rapid implementation of the investment project. This is great news for all concerned!
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