Maru praises BSP for new SME products

Business, Normal

The National, Monday October 21st, 2013

 MINISTER for Trade Commerce and Industry Richard Maru has thanked the management of Bank South Pacific for supporting Government’s moves to promote the small-to-medium enterprises.

Maru said the bank sponsored the recent SME summit in Madang and launched a new product designed for the sector.

He said the SME sector is the largest potential market growth opportunity and banks should tap its members to generate more business.

“I would like the non-banks and banks, including the National Development Bank (NDB), to develop new loan products especially for youths who are school leavers,” Maru said.

He said many of these school leavers have great potential to become successful entrepreneurs if identified and their potential developed.

Maru challenged other banks to design new SME products to empower and support the growth of the SME sector.

This way, they could help the Government create jobs and generate wealth for Papua New Guineans, he said.

BSP’s “smart business card” is a new banking solution for SMEs.

The “smart business package” contained all the essential products and services needed by a small business. 

Under the package, SMEs with a turnover of less than K1 million is eligible to open a “smart business account” for their daily banking requirements.