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Wednesday, 8 June 2022

HSBC launches loans for tech entrepreneurs looking to scale

HSBC Egypt will lend EGP 1 bn to tech startups: HSBC Egypt is launching a EGP 1 bn loans program that will provide funding to tech entrepreneurs looking to scale their businesses, the bank announced in a statement (pdf) yesterday.

Who is eligible? The Technology Entrepreneurs Lending Program will target companies working in fintech, e-commerce, retail and mobility, health, education and software. Priority will go to those that integrate sustainable development in their business mission, in a nod to the upcoming COP27 conference, the bank said.

What they said: “The exponential growth of venture capital funding in this market reflects the quality of local talent and the scale of the opportunity, which is why we have developed a dedicated lending initiative for technology entrepreneurs,” said Deputy Chairman and CEO Todd Wilcox. We sat down for coffee with Wilcox last week, when he shared his views on Egypt’s fintech scene, ESG, and the economic problems triggered by the war in Ukraine.

This is HSBC’s third SME-focused growth initiative in six months. Last month, the bank announced it will lend USD 1 bn to female-led startups in Egypt and 10 other markets over the next year via a Female Entrepreneur Fund. The bank also launched an EGP 3 bn fund to support SMEs in Egypt, dubbed the Foras Fund, with a special focus on the industrial and service sectors.

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