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Weather Supply credit
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ISSUE #104 (26 JULY 2002 - 01 AUG 2002)
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The Laxmi Bank Ltd, the youngest commercial bank, has launched a new scheme to finance the working capital requirements of small and mid-sized short-term borrowers. The bank says that the Supply Finance seeks to meet the funding gaps that arise after the dispatch of goods until the receipt of payment. The scheme aims to reach out to raw material suppliers, traders and inventory holders. Eligibility for the financing would require presentation of buyer-accepted sales invoices (credit notes), and the loans will be made against the final payments due such borrowers. The bank says this approach to financing helps its customers avoid going through the lengthy procedures to establish a line of credit. Laxmi Bank is the country's 16th commercial bank, and focuses on the trade and retail segments.
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