Barclays bank has launched the ‘Vehicle and Asset Finance’ (VAF) product that is intended to have its customers easily acquire machinery and assets.
The idea is to have especially the small and medium enterprises reinvesting their profits into freeing their capital from buying very expensive assets; fastening their growth in the long run.
Nick Mbuvi, Barclays MD said that the product is suitable for individuals, SMEs, capital intensive industries, fleet owner’s multinationals, NGOs, parastatals or employer schemes among others.
“Its flexibility makes it attractive and competitive, for instance repayments can be structured to suit the customer’s cash flows like a farmer who only harvests once a year can comfortably pay during the harvest time. Similarly, a school can repay for a school bus at the beginning of the term,”
Some of the assets that can be financed include motor vehicles, trucks, buses, tractors heads and trailers, IT office equipment, vending machines, moulds, aircrafts, forklift trucks, cranes, construction, earthmoving, agricultural, industrial and manufacturing plant equipment. The VAF product is available at all Barclays Bank branches nationwide.
Bank of Uganda Governor Emmanuel Mutebile, who graced the launch at Golf Course Hotel, commended Barclays for the introduction of the VAF product which he said would improve the country’s financial sector.