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Absa pilots Hawker Loan project
In acknowledgment of the importance of street vendors, or hawkers as they are better known, to South Africa's economy, Absa has launched a pilot project called Hawker Loan at the Tshwane Fresh Produce Market. The credit service aims to alleviate the pressures faced by these informal traders and to further cultivate an entrepreneurial spirit among all sectors of South African society.
Fresh produce markets throughout South Africa have a growing base of hawkers as their customers. Most of their produce is sold in areas with high volumes of passing trade such as footpaths, spaza shops or within various communities across the country.
The Hawker Loan is designed to provide hawkers with a line of credit in order to boost their working capital, thereby enabling them to increase the volumes and diversity of stocks that are purchased.
Managing Executive of Absa's Entry Level and Inclusive Banking, Lawrence Twigg, believes this is yet another initiative by which the bank will meet the needs of its customers.
"Hawkers are part and parcel of our economy and we are committed to finding solutions that will enable them to grow. This loan facility is closely linked to the buying patterns of hawkers and uses their stock-buying trends to help assess business viability."
The pilot commenced earlier this month and will run until June 2011. The monthly loans to hawkers range from R400-R1500 and are payable in weekly instalments.
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