BSP funding over 40 million in loans to SMEs to grow

BSP remains ever committed to helping Small to Medium Businesses (SMEs) in the country grow.

 Owner of a local SME called Tapioca Delight, Ginia Siaguru, is just one of many success stories of the BSP Smart Business Loan product.

The loan has helped her to purchase equipment that has helped her business grow over time with the future looking bright.

 “Looking for Small Business Loans can be challenging, but with BSP, having an established banking relationship helped me to further explore other options like opening a Business Account. It is through this Smart Business Account that has paved way for us to take out a Smart Business Loan, “said Siaguru.

Owner of Rossal (Tual Immess) Limited, Rossica Salika further testified to this saying it was difficult to seek additional money to purchase new sewing machines to increase productivity for her tailoring business.

“The business was in operation for over 12 months, and my bank statements were easily obtained and supplied when I applied for a Smart Business Loan. BSP staff were helpful and assisted me in completing the application and ensuring all requirements were provided,” she said. 

Currently, more than 14,000 SME’s are using the BSP’s Smart Business Account and have direct access to finance via the BSP Smart Business Loan.

Head of BSP’s Smart Business Unit, Dennis Konu said BSP has provided in excess of K40 million to SME’s.

 “The product has generated considerable interest around PNG and is gaining momentum with over 800 loans funded.

“Despite the inherent risk associated with small business lending BSP has developed a process and criteria that suits the capacity of small businesses,” said Konu.