OVER K115M FUNDED UNDER THE SME CREDIT ENHANCEMENT SCHEME LOAN BY BSP.


December 17, 2021 - 717 views

Picture supplied: BSP Head of SME – Retail, Jeffery Singer.

 

Well over 2000 Small to Medium Enterprises (SMEs) have applied for loans under the National Government supported loan facility, the SME Credit Enhancement Scheme Loan (SME CESL) through BSP Financial Group Limited (BSP) with over K115m funded as at 15th December 2021. 

Of the 2100 SMEs that have applied for loans through the SME CESL facility, over 50% have been successful, with close to 30% of loans in the application stage and 20% have been declined through the Bank’s normal credit assessment process, according to BSP Group CEO Mr Robin Fleming. 

Mr Fleming added that BSP Financial Group Limited has continued to fund loans using its own funds under the SME CESL facility despite exceeding the K100m support funding provided by the National Government. “BSP continues to lend through the festive period to our SMEs and we are able to do this with run-offs from funded loans and by maintaining loan delinquencies within the Bank’s delinquency thresholds,” said Mr Fleming.  

“The festive period has been hectic so far with an increased number of applications coming through, and already we have over K90m in value from applications under processing, as the numbers pick up from all around our regions and the three SME Business Centres in Lae, Goroka and Vision City in Port Moresby,” said Jeffrey Singer Head of SME BSP. 

Mr Singer added that BSP was able to exceed the K100m funding support before year end with the reduction of equity requirement from 30% to 10%, and the change in the maximum loan amount from K3m to K5m, enabling more SMEs to be eligible to access the SME CESL facility. “It’s obviously been a challenging year for our SMEs in particular but as they say, tough times don’t last, tough people do. We’d like to wish all our SMEs throughout PNG a fantastic festive with a holy Christmas and a prosperous New Year 2022.”    

The BSP SME Credit Enhancement Scheme Loan is open to all SME owners including non-BSP customers and it does include the ability to refinance existing loans. Customers can enquire at all BSP branches throughout the country and particularly at the three dedicated BSP SME Business Centers, at Vision City - Port Moresby, Goroka and Lae. 

 

Source: BSP Statement (17/12/2021)

Comments(1)

Log in to comment
Mike, 4 months ago
Well done