“BSP Financial Group Limited (BSP) is a key supporting partner and facilitator of the SME’s in the country. Offering a range of products and services that are customized to meet the banking needs of our people and SMEs,” this was the key message from BSP Deputy General Manager, Retail Sales & Customer Service, Peter Komon, who spoke to participants at the PNG SME Supply Chain Seminar, at the APEC Haus in Port Moresby.
Speaking to micro farmers, corporative growers and Small business owners Mr. Komon said, “Servicing our people and SMEs is a key objective of the bank. A bank account is foundational to the relationship between our customers and us. It helps us to understand our customers better, so that we can provide appropriate banking solutions to them.
“As many of our small business owners may be aware, accessing the K100 million SME Credit Enhancement Scheme Loan (CESL) requires having a business bank account. We do note that many face challenges with business registration and tax compliance, especially for those in more rural areas, and hopefully it is through such forums that these challenges can be addressed in a meaningful way” said Komon.
“Our partnership highlights our commitment to our local SMEs. BSP is committed in supporting and building local businesses, through is growing range of digital innovations and affordable financing through the CESL to promote the SME Sector,” Concluded Komon.
BSP recently reduced the SME Credit Enhancement Scheme Loan (CESL) equity amount requirement from 30% to 10%, whilst increasing its maximum loan amount from K3m to K5m respectively, in order to make it more accessible to local PNG SMEs.
This year BSP supported the two-day SME Supply Chain Expo event as gold sponsors with K20, 000.