Standard Bank launched, this Wednesday, a contest to support small and medium national companies. The idea is to encourage SMEs to increase their business. The value will only reach those targeted after a selection process.

The bank's contest is called "Standard Bank Accelerates Your Business" and its maximum prize is 18 million meticais. The institution said it is not a line of funding, but an amount that will be distributed to companies that meet the clearance requirements and become winners, advanced this Wednesday TVM.

Our source reports that, this is a solidarity initiative for SME clients of the bank and beyond who have seen their business damaged by the climate disasters and the pandemic.

"These entities must have been operating for at least five years, employ a minimum of ten employees and under Mozambican management," said João Guirengane, Director of Business Banking at Standard Bank. These criteria arise as a way to ensure a positive socio-economic impact for Mozambique, revealed Guirengane.

"The bank will disburse 10% immediately after the winners' awards, but the remaining 90% will be disbursed according to the progress of the investment plan submitted by the competing company," said Érica Noormahomed, Head of Standard Bank's Small Business Department.

Companies have a deadline of 30 days to submit their applications from the date of the tender launch.

The companies selected to participate in the competition will have a "Bootcamp" training process and consequent monitoring of the winning projects to ensure that they achieve their objectives.