BY Namugerwa Martha
Exim Bank Uganda has launched a 3- month bid guarantee campaign dubbed Chap Chap for Small and Medium Enterprises (SMEs) in order to help them grow and expand their operations.
While launching the campaign at the bank head offices at Hannington road in Kampala on Thursday, Joy Kimuda the chief relations manager Exim Bank Uganda said that the bid guarantee will not exceed Shs1bn capital value and will be processed in 2 hour without security and commission.
“The product has been designed for contractors, suppliers and traders in the Oil & Gas, Construction, Infrastructural Development, Transport and Agriculture sectors along with Real Estate Developers and NGOs,” kimuda said.
She added that Chap Chap bid bonds campaign has no security or commission involved which makes it easy for their customers to access saving Ugandans from spending and helping them quicken the process by issuing the necessary document in 2 hours for customers and 24 hours for non customers.
“The bank will provide bid bonds guarantees ranging from Shs50m to Shs200m, with the only requirement being arrangement fees of Shs100,000 and the Chap Chap bids campaign will end after three months,” Kimuda added.
Further explaining that the bank client will contribute only 20% whereas the non customers will contribute 25% of the bid guarantee of the required amount and if the bid expires, they refund the money.