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BSP Relaxes Lending Criteria For SMEs With New Product

  Small-micro enterprises (SMEs) wanting to expand their business to take it to another level can now have easier access to loans from Bank South Pacific (BSP). BSP Smart Business
04 Oct 2016 11:00
BSP Relaxes Lending Criteria For SMEs With New Product
Mrs Alisi Vatuwaliwali (Left), Mr Simeli Vatuwaliwali (Bligh Water Investment Fiji Limited) , BSP Country Manager, Kevin McCarthy, Mrs Vikashni Singh from Kura Fresh Fiji Limited with Head of Smart Business, Mrs Tupou Tagicaki-Halofaki.

 

Small-micro enterprises (SMEs) wanting to expand their business to take it to another level can now have easier access to loans from Bank South Pacific (BSP).

BSP Smart Business has introduced a new loan product for the SMEs with attractive interest rates and deals.

BSP has relaxed its lending criteria for the SME sector with the belief the sector deserves pampering given the nature of their business and their significant contribution to economic development.

BSP Country manager Fiji, Kevin McCarthy, said the product is aimed at SMEs which are fairly successful today but finance is needed to take it up to a new level.

There are two types of loans depending on the business needs – one is Smart Business Term Loan and the other is Smart Business Asset Loan. These have 14.95 per cent per annum interest rate.

The bank also offers Smart Business Unsecured Loan whereby the interest would be a little higher ranging from 17 per cent to 20 per cent per annum but no security is required.

The bank notes that SMEs have a lot of cash and savings and note that these can be used as security for their loans attracting a lower interest rate.

 

Customer testimonials

Simeli Vatuwaliwali of Bligh Water Investment Fiji Limited, said he was happy with the Introduction of BSP Smart Business.

“I would like to thank BSP for the opportunity they have provided their customers with and I know this will benefit a lot of the emerging businesses out there.”

Vikashni Singh from Kura Fresh Fiji Limited said she would use the opportunity provided by BSP Smart Business to bring about positive changes in her current business.

“Currently, I have been packing all the soaps and some of the products in plastic wrap but with BSP, I will be able to switch to box packaging with proper labelling,” she said.

Edited by: RACHNA LAL

Feedback:  kathrin.krishna@fijisun.com.fj

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