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Businesses are showing more caution in borrowing, with corporate credit growth slowing slightly amid changing financial conditions and selective investment activity. According to the latest data by Simonis Storm Securities, the total corporate credit marginally dipped by N$7 million to N$49.5 billion in April. This slight decrease indicates that businesses are becoming more careful in how they borrow. “A marginal dip reflects a more cautious borrowing stance among firms navigating increasingly complex financial conditions,” the analysts’ report reads. The majority of companies borrowed to make investments in capital spending. Instalment and leasing credit, which supports purchases like vehicles and equipment, stood at N$6.5 billion. While slightly lower than the previous month, it still shows strong activity, especially in sectors like transport, logistics, and energy. “Businesses continue to invest in vehicles, machinery, and equipment, a sign of long-term confidence in their operational needs despite broader macroeconomic uncertainty,” the report reads. Additionally, other loans and advances held at N$20 billion. This slower growth was mostly due to repayments and more selective borrowing. “The slower growth this month is largely driven by repayments and more selective credit uptake,” Simonis says. The effect was most visible in manufacturing and services, where some developments are moving at a slower pace. Meanwhile, overdraft facilities declined by N$830 million, bringing the total to N$9.6 billion. “This likely reflects firms drawing down previously approved credit lines to meet short-term cash flow needs,” the report reads. Simonis Storm says the move signals active operational management and financing of day-to- day activities, particularly in inventory-heavy or seasonally active sectors. At the same time mortgage lending also recorded a decline, with total outstanding loans falling to N$13.2 billion. “This marks a further retreat from long-term property investments, as corporations increasingly favour more agile, asset-light models amid elevated building costs and shifting workspace strategies,” the report reads. The analysts predict that credit momentum will remain steady, and although the pace of corporate credit growth has slowed, the landscape remains generally positive. Moreover, investment appetite is holding up in key sectors and businesses are focused on productivity-enhancing upgrades rather than speculative expansion. “With liquidity still healthy and borrowing conditions relatively supportive, we expect credit momentum to remain steady as we move further into 2025,” the report reads. The post Business credit taps the brakes slightly at N$49.5 billion appeared first on The Namibian.