BSP lend K35m to SMEs

 By SHIRLEY MAULUDU

Bank South Pacific has loaned out K35 million to date, as it continues to assist the country’s small and medium enterprises sector, an official says.

Deputy chief executive and chief financial officer Johnson Kalo yesterday said the bank had lent the money to small businesses.

Under a programme aimed to promote the sector’s growth, he said BSP supported those venturing into new businesses and existing small traders.

Kalo said: “BSP has in its customer portfolio about 12,000 SMEs (small and medium enterprises). 

“We’ve given 700 loans to SMEs and the value of those loans is about K35 million since the programme’s inception two-three years ago.”

He said those are the businesses that were generally identified as having K3 million or less turnover per annum. 

He said business activities which the bank identified and supported include those that involve buying and selling of goods by sole traders and family businesses among others.

“It (SME) is growing quickly but it is an active sort of segment in the bank, and it is through our programmes that we hope the public would feel that there is entrepreneurial feel among the people.”

According to information obtained by the bank, Kalo said most of these SMEs supported were urban based.

“Admittedly, most of the SME businesses are focused or located in town or urban centres and they (SME) are spread evenly throughout the regions. Some of our work extends out to rural areas.

“Our information has an even number of SMEs, the ones that we deal with, in the Southern region, New Guinea Islands, Momase, and Highlands. 

“These are some of the things that we sort of come to realise during our engagement with SMEs.”