BSP giving Goroka SMEs a shot in the arm

By ZACHERY PER
THE Bank South Pacific (BSP) Goroka branch has become the first centre in the Highlands and third in the country to open its small medium-sized enterprise (SME) business centre.
Goroka BSP SME centre manager Samuel Mulina opened it on behalf of management on Tuesday.
Mulina and BSP loans officer Kevin Hungure conducted a brief educational awareness to the general public on services the centre provided for people with small businesses.
He told a small crowd that gathered that there was no complicated requirement for people involved in small business activities and operating bank accounts with BSP.
Mulina said all they had to do was register with the centre to secure loans to further their small business activities.
He said they were only required to register a business name with the Investment Promotion Authority (IPA) and Tax Invoice Notice (TIN) with the Internal Revenue Commission (IRC).
There also had to be proof of regular transactions with their BSP bank accounts.
Hungure said there were three types of interest that could be paid on loans offered under the BSP SME: 31.5 per cent for K100,000 and repayed in five years with no security; 22.5 per cent with cash security; and 14.5 per cent with cash security.