Bank approves 100 applications, processes K3m for SME loans

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BY PATRICK TOM

Kina Bank PNG processes nearly K 3 million of the K 50 million allocated to concessional lending to small and medium enterprises – a new loan product targeting local businesses established earlier this year.

The bank told the Post-Courier while responding to questions about the status of the concessional loan to SMEs, an initiative undertaken to help finance 100% owned local businesses in the country during the pandemic period.

A spokesperson said that since the launch of the new product in July 2021, they have been running product awareness sessions via roadshows in Port Moresby and Lae, with ongoing support to customers through our contact center.

“To date, we have seen extremely broad interest from SMB clients, with almost 100 clients approved for a loan to date.

“As the loan has one of the lowest interest rates on the market, it is extremely attractive to SMEs,” the spokesperson said.

The bank has also streamlined the application process so customers can more easily access financial support, making it ideal for SMEs facing the challenges of the current pandemic.

“We have seen strong customer growth with our new concessional lending rate.

We are handling nearly 3 million K in inquiries from customers across the country.

With an initial allocation of K50million, we are able to help more small businesses grow and prosper. “

Kina has also simplified the requirements to make it easier for customers to qualify.

The minimum requirements are that clients (SMEs) must be a PNG-owned company or a 100% Papua New Guinea-owned company.

Maximum turnover of K 5 million per year with a minimum of two years of trading and 12 month projections with assumptions.


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