The thriving Sepik Economic Zone makes BSP Financial Group Limited’s Wewak Branch one of the top five SME loan portfolio branches in the PNG Market.
East Sepik’s BSP Wewak Branch has been in operation since 1977 and while the province’ s economic activities has picked up in recent years since the establishment of the Sepik Economic Zone, so has BSP SME products offering.
Wewak Branch Manager Robert Jomino said Financial Literacy Training in the province has also picked up momentum because of agricultural development and business opportunities, but the service that is on demand in the province, is its SME Loan products.
Mr Jomino said given that Sepik Plains is now a thriving economic zone, BSP’s services through its SME loan product, particularly the Credit Enhancement Scheme, is essential in the area.
BSP has been offering SME products through its branch networks across the country since 2012 and with the Government funded Credit Enhancement Scheme of K100 million allocated to BSP in October last year, the bank continues to make the product more accessible to the public.
BSP recently reduced its equity requirement from 30 percent to 10 percent while increasing its funding threshold from K3 million to K5 million.
Head of SME Jeffrey Singer while speaking on the Nasfund FM100 show this week explained that, “Equity contribution does not necessarily have to come in cash, it can be derived from the value of assets as well, and the increase on the funding threshold to K5m further improves access to finance for SMEs.”
The Wewak Branch services customers from as far as Ambunti-Drekekir, Wosera- Gawi, Angoram, Maprik and Yangoru- Saussia.
Last year, the Yangoru Sub-Branch was upgraded to a Hybrid Branch after 7 years of operation, offering more banking services to the people of Yangoru-Saussia District and in particular the Sepik Plains.
