BIC Bank Lao and LNCCI signing Ceremony on funding micro small medium enterprise

BIC Bank Lao and LNCCI signing Ceremony on funding micro small medium enterprise

On Tuesday 14 September, 2021 a signing ceremony was held between BIC Bank and Lao National Chamber of Commerce and Industry – LNCCI on the participation of BIC Bank in the Lao Access to Finance Funds (LAFF) at the LNCCI office in Vientiane.

The signing ceremony was graced by Mr. Daovone PHACHATHAVONG, Executive Vice President, LNCCI, Mr. Lim Wai Hoong, Chief Executive Officer, BIC Bank, Mr. Bounleuth LUANGPASEUTH, Vice President, LNCCI, Mr. Felix Francis, General Manger, BIC Bank together with LNCCI Board members and BIC Bank’s Management team.

Being one of the participating banks under the Lao Access to Finance Funds (LAFF), BIC is in tandem with the objective of this endevour to focus on MSMEs to gain access to loans especially for the rural households with a view to provide sustainable MSME loans with attractive and more importantly, affordable interest rates.

Mr. Lim, in his speech mentioned that currently where there is funding available, it is more often than not comes with a high cost and many red tapes for businesses to adhere to. Due on this, the bank fully understands the difficulties faced by MSMEs in Laos when it comes to acquiring funding especially in rural areas. With this endeavor, the bank is able to put forth an easy application process to make it be hassle free for MSMEs to access credit.

This endeavor also provides MSMEs to deter from turning to unofficial channels which provides fast loans but with a high interest. This is only detrimental to the overall public welfare and would increase debt problems of the overall society.

BIC Bank is committed to help SMEs to turnaround, transform and grow their business and to navigate the financial impact of the pandemic. Mr Lim took this opportunity to thank LNCCI for their unending support to the local and community businesses.

He further iterated that it clearly shows LNCCI recognises the importance of this collaboration as a great stride forward to achieve the goals and objectives that is in place.

Mr Lim expressed the bank’s appreciation for giving us a chance to partake in this programme and for LNCCI’s unconditional help especially during these times of adversity where having strong leadership and collaboration is imperative to empower the Bank to move forward and grow together.

Source: BIC Bank Lao