$900k In Loans: SPBD Expands To Old Capital

South Pacific Business Develop­ment (SPBD) hopes to increase its portfolio in Ovalau by reach­ing 600 women this year to cater for women in the micro enterprises sec­tor.

This will translate as $900,000 loans disbursed this year.

Elrico Munoz, the general manager for the financial institution made the comment at the opening of the latest branch on Beach Street, Levuka, on Friday.

This is the eighth branch of the SPBD that opened since it began op­erations in 2010 in the country.

“Before the (COVID-19) pandemic, SPBD was already able to organise seven centres in Ovalau Island, and even organised three more centres in the neighbouring island of Mo­turiki,” he said.

“The increasing number of SPBD members in the two islands encour­aged us to establish a permanent presence in Levuka.

“However, this was put on hold be­cause of the difficulties associated with the COVID-19 pandemic.

“Now that the Fijian economy has opened up again, we are honouring that commitment.”

The success of the SBPD programme in Fiji, he said, stemmed from the commitment members forged after years of collaboration.

“SPBD Fiji is thankful to the Rotary Club of Suva, Rotary Club of Down­town Auckland and the Rotary Inter­national for providing the seed fund­ing for the Ovalau loan portfolio,” he said.

“We are also thankful to Kiva Micro­funds of USA and the Good Return of Australia for featuring the stories of these ladies on their websites.”

Chief guest, acting director iTaukei Affairs Board Mosese Nakoroi said: “Several studies reveal that by hav­ing access to some form of financial services, women become more confi­dent and more independent.

“They are receiving the recognition that they deserve in their families, their communities and villages.”

Meanwhile, the financial institution in partnership with Islands Busi­ness, launched the 2020 magazine on Friday.

The magazine summaries the jour­ney of SPBD Fiji in the last 10 years.

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