PNG Govt provides K100 million for SMEs to access at Bank South Pacific
Owners of Small to Medium Enterprises in Papua New Guinea can now be able to access the National Government supported loan facility at the Bank of South Pacific.
Yesterday the National Government honored its commitment by presenting a cheque of K100-million to BSP under its BSP SME Credit Enhancement Loan.
With this Government support, BSP will provide loans to SME owners with an interest rate of 5 percent under this package.
Prime Minister James Marape and Commerce and Industry Minister William Duma made a dummy cheque presentation of K100 million to BSP Group CEO Robin Fleming yesterday in Port Moresby.
Minister Duma said the government is now making available a total of K200 million funding at cheaper rates for people to take part in commercial activities.
Meantime, Mr. Duma said businesses affected due to COVID- 19 will also have the opportunity to restructure their existing loans with other financial institutions.
''They have an opportunity to approach either BSP or NDB and ask them to take over the existing loans from other banks, were in the normal sense their loans would have been serviced with high-interest rates over a shorter period of time.
''In this case with government funding, SME owners can enjoy lesser interest rates under a longer period of time'', Duma explained.
NBC News/ PNG Today
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