Business Link Pacific (BLP) in partnership with the Centre for Excellence in Financial Inclusion (CEFI) yesterday launched the Finance Finder online tool.
BLP is a private sector development programme funded by the New Zealand Ministry of Foreign Affairs and Trade, a New Zealand Aid Programme initiative honouring New Zealand’s commitment to supporting the economic growth of Pacific Island countries.
The launch gathered key stakeholders in the financial and MSME sector from CEFI, MSME Council, SME Corporation, BPNG, chambers of commerce, and a range of banks and financial institutions,
The online tool is designed to support SMEs in PNG to find in one place the financing options that are right for them by searching for loan options across a range of different providers, compare terms and interest rates, and save products to view later.
The Finance Finder works in partnership with banks and institutions to provide the latest information about financial products for businesses. Currently, Financial institutions such as MiBank, Kina Bank, BSP Financial Group Limited, People’s Micro Bank, Women's Micro Bank, Kada Poroman Microfinance Limited and Credit Corporation Finance Limited are displaying information about the latest SME products. This list will continue to grow with new products and partners.
“Businesses will be able to look at finance options online as well as applying through BLP for help with their applications,” said BPL’s Director, Steve Knapp.
Executive Director for CEFI, Saliya Ranasinghe said CEFI is pleased to be working alongside BLP to roll out the Finance Finder tool in PNG.
Assistant Governor, Financial System Stability Group, Bank of PNG, Ellison Pidik said the SME Loan product guide released last year by CEFI was the first step to bring this information together.
“The launch of the online platform of the Finance Finder will definitely benefit the SMEs in the country by providing access to information about the range of local lending products available. SMEs will be able to identify the most suitable product for them,” he added.