The Government has allocated K100 million to BSP Financial Group Limited for the ‘BSP SME Credit Enhancement Scheme Support’ for small and medium enterprises.
Prime Minister, James Marape made the announcement in a presentation to the bank’s Chief Executive Officer, Robin Fleming, before his departure for official state engagements yesterday, Thursday 3 February.
“Our partnership with bank BSP, has worked wonders. We commit for a hundred million every year for ten years so that BSP could have that as added layer of security and lend for Papua New Guineans who want to be in the space of business,” said the Prime Minister.
The bank’s CEO thanked the Prime Minister and the Government for supporting the scheme. Fleming said since November 2020, the bank has lent more than K120 million. The funds allocated to BSP by the government are funds held in trust for the independent state of PNG.
Mr Fleming also stated that the funds are not just lent to customers, but also ensures that customers are able to repay those loans, a bigger success than providing the loans in the first place.
He said, “Now we’re looking to ensure that with the assistance of the department of commerce and industry, we can get more traction outside of Port Moresby and Lae. Get more of our customers in the other regional centers with the assistance commerce and industry to be able to provide ongoing lending to the life-blood of the country, which is the SME market.
“We thank the government for supporting the scheme.”