NC Bank partners with JCB to finance construction equipment

NC Bank and Ganatra Pland &Equipment Limited (GPE), on Tuesday signed a partnership agreement that will see JCB customers receive financing for equipment with 5 per cent subsidy on the customers’ contribution per equipment.

While addressing a press conference at JCB Showroom, located on Kampala Road, NC Bank Managing Director, Sam Ntulume said the total subsidy is to be used as a deposit enhancement for the minimum contribution or in addition to customers’ contribution.

“We believe this scheme will benefit all players in the construction industry; both individuals and Small and Medium Enterprises (SMEs), who want to grow their businesses and acquire new assets, but face strained cash flows. Through this partnership, they will now have an opportunity to purchase equipment to expand their business when they have less deposit amounts”, Ntulume said.

JCB General Manager, Ms Ashiana Jivraj said the partnership will go a long way in a position to raise the required deposit.

She emphasized that JCB has grown from a small garage business into the world’s biggest privately owned construction equipment company in the World, with 22 factories across Asia, Europe, North America and South America and products sold in over 150 countries.

She said their company boasts of the famous Backhoe which has become a household machine in almost all construction sectors across the globe.

“The partnership between NC Bank and JCB through GPE will offer a fixed total subsidy per unit on a deal by deal basis to customers who qualify under the Bank’s credit approval. For example, if a customer has a credit approval from the Bank to purchase an equipment such as; 3DX Back Hoe Loader on an 80 per cent Loan to value calculation, but can only raise a 15 per cent deposit ($9000), the Distributor at its discretion can use the total subsidy per unit on 3DX to contribute $3000 to this deposit, so that the total down payment is 20 per cent”, she said.

“NC Bank and Ganatra Plant & Equipment Limited are the sole authorized distributors for the JCB brand in Uganda and Kenya”, she added.