BSP loaned K122mil: Fleming

THE Bank South Pacific Financial Group Ltd (BSP) has so far loaned out K122 million under its small-to-medium enterprise (SME) credit enhancement scheme, says chief executive officer Robin Fleming.
He was responding to concerns raised by the Milne Bay Chamber of Commerce and Industry that SMEs in Alotau could not access the funding.
Fleming said BSP had been giving out loans around the country including in Alotau.
“As at Jan 14, 2022, BSP has disbursed K122 million in loans under the credit enhancement scheme showing BSP’s commitment to the scheme and SME’s,” Fleming said.
“BSP continues to accept applications and fund loans under the credit enhancement scheme facility with the Government.
“The facility does provide for funding to continue while awaiting the further K100 million contribution to funding support and credit enhancement under the scheme.
“Loans have been funded for customers in all regions including Alotau.
“The scheme does not provide for any specific allocation by region, but equally customers from every region are eligible to apply for a loan under the scheme.”
Vice-president of the Milne Bay chamber of commerce and industry Tasman Silcock told The National that SMEs in Alotau were not able to access the Government’s K200 funding.
“Many people have been to the banks trying to get an SME loan. (But) it doesn’t exist. That’s disappointing and we really like more support from the Government to develop SMEs in terms of finance.
“A lot of people want to start businesses.
“There are a lot of properties being built and available for rent.
“People need to access SME loans so that they can buy stock and start businesses.”