The African Development Bank (ADB) announced on September 26 2014 a credit grant of 1 million euros (more than 650 million CFA francs) to the microfinance Advans Cameroon.
Founded in 2007, Advans Cameroon marks a growing interest in SMEs because of their market potential.
At the end of 2013, Advans Cameroon had 38,000 customers, entrepreneurs and individual borrowers (men and women). The credit line from ADB will finance sub-projects of SMEs which are very diverse and cover all economic sectors: construction, telecommunications, hospitality, agribusiness, etc.
Funds will be used for various purposes, including the acquisition of fixed assets, inventory financing and projects, obtaining term loans and commercial loans, etc.
The ADB credit line should also help Advans Cameroon to extend its investment credits and engage in new areas such as SME activities related to rural agriculture, that currently lack funding.
Advans Cameroon was selected as part of the ADB program dedicated to small and medium enterprises in order to increase its financing of SMEs and to provide medium and long term funding opportunities for local SMEs Cameroon.
