$69m of unsecured loans
SPBD assists 9000 women, improves living standards
THE South Pacific Business Development program in Fiji has disbursed $69 million of unsecured loans, assisting more than 9000 women improve their living standards and educate their children.
This was revealed by the general manager Elrico Munoz at the microfinance institute’s 10th year anniversary celebration in Suva yesterday.
According to him, even though COVID-19 had slowed down their operations, they still managed to increase their loan disbursement.
“In fact, now as of September 30 we are now in 400 villages assisting more than 9000 women and our cumulative loan disbursement now stands at $69 million,” he said.
Over the years, SPBD introduced products such as unsecured microcredit, accessible savings, SME financing, whitegoods financing, higher education loan program and COVID-19 business recovery loans.
One of the institute’s early members Susana Rolewatu from Kalokolevu outside Lami said the institute helped her put her children, grandchildren and nephews in schools and also allowed her to make home improvements and operate a business of her choice.
She said most microfinance and banking institutes needed a lot of requirements and collateral to take up loans, whereas with SPBD the unsecured loan process was more suitable.
“My first loan from SPBD was to buy more products for my market to help my family,” she said.
“So I am very happy that SPBD accepted me. I can’t go to the bank because they want me to have money and they want me to have something in order for them to accept me.”
She added their whitegoods financing was a big help as well because for those living in the villages they were not able to go to retailers to open a new account.
SPBD also launched its new logo in commemoration of the institute’s 10th year anniversary in Fiji.