The newly launched FinCorp Business Loans mobile application will greatly benefit Small and Medium-sised Enterprises (SMEs).
FinCorp Board chairman Robert Igara said SME is the focus of the Government’s policy and strategy and the app innovation is a way forward in helping SME owners.
Igara said technology can actually provide the breakthrough that is required to speed up the loan processing and approval process for SME owners.
“The challenge currently faced by small business owners is that the cost of doing business in PNG is extremely high.
“If you’re a small business man outside based in the rural areas, it is costly and timely when getting a loan as you will have to travel into town and wait in line to be served,” Igara said.
He added that a lot of banks and financial institutions take quite some time to process loans and SME loan application at the major banks would take about three months.
Igara said the other challenge that is beyond the control of finance companies is the communications infrastructure.
“The sooner the Government can deal with the communications infrastructure, the sooner that companies can deliver innovative products.”
Igara said that technology can actually lead products to modern system that is appropriate for the lifestyle, geography and realities of PNG.
The app can be downloaded on smart mobile phones anywhere in PNG at www.fincorp.com.pg and follow the prompts or visit Google Play or the Apple Store.