SPBD Microfinance surpasses US$100 Million in loans
NUKU’ALOFA – December 13: 11.35am (Nuku’alofa Times): The South Pacific Business Development (SPBD) Microfinance Network has given out a total of US$100 Million in loan to women entrepreneurs in the South Pacific, including Tonga.
In Tonga alone, SPBD has provided more than 36,000 loans worth US$27.5 million since 2009.
SPBD in Tonga has 34 staff and operates 4 offices on Tongatapu, Vava’u, ‘Eua and Ha’apai.
One of the small enterprises that currently receives financial support from the SPBD here is Samu’s Food Corner, operated by Fijian woman Asinate Tinai.
The food corner business started in 2014 and the SPBD has been assisting Ms Tinai financially since 2016.
“We are thankful to the SPBD for their assistance with our small business,” Ms Tinai said.
“They have come to help us when we needed funding. We went to the banks here but they were not able to help us.
“But when we approached SPBD they were more than willing to help and I have been with them since,” she added
Fijian entrepreneur Vilisi Tabua, a fish dealer at the Suva Public Market in Fiji, was the recipient of SPBD’s US$100 millionth loan.
Ms Tabua joined SPBD in 2012 and successfully grew her fishing business.
Her success enabled her to access SPBD’s larger Small-Medium Enterprise (SME) financing, and today she received her 8th loan.
With SPBD’s support, Ms Tabua has also significantly improved her housing and living conditions.
“I would not have been able to achieve much without SPBD, because it’s very hard to get a loan from banks. I strongly believe that SPBD brought us up to where we are now. My family and I used to live in inadequate conditions and in order to improve our living space, I took my loan. So much has become possible with SPBD, the benefit has not only been in terms of finance but also things like savings, financial literacy, leadership and independence,” Ms Tabua said.
Since its launch in 2000, SPBD has impacted tens of thousands of women like Ms Tinai and Ms Tabua.
PBD has disbursed more than 165,000 very small, micro loans to hardworking, low-income entrepreneurs in the South Pacific, 99% of whom are women.
From a one-island, one-country organization, SPBD now operates in 5 countries – Samoa, Tonga, Fiji, the Solomon Islands and Vanuatu.
With a dedicated staff of 154, SPBD currently has 17 offices and offers 16 products and services, including credit, savings,death benefits, financial education and business skills training to its members.
SPBD works to advance financial inclusion through microfinance to improve the lives of people across the South Pacific.
SPBD’s microfinance program supports the advancement of the UN’s Sustainable Development Goals (SDGs).
In a recent speech, the Secretary General of the Pacific Islands Forum Dame Meg Taylor noted that there are links between development finance, the SDGs and financial inclusion.
“Global experience shows that financial inclusion has a significant impact on lifting the ultra-poor and poor out of poverty in a number of countries, and the Pacific is no exception. Financial inclusion plays a critical role across a range of sectors vital to sustainable development,” she said.
SPBD Founder and President Gregory Casagrande said “since our inception in 2000, SPBD has been on a journey to provide meaningful economic opportunity to underprivileged women micro-entrepreneurs. We invest in women, empower their dreams and deliver impact”.
SPBD will continue to expand within its current countries as well as into new country markets throughout the South Pacific, bringing its successful microfinance products and services to new, deserving women entrepreneurs and helping them to improve the standard of living for themselves and their families.
“US$100M is a major milestone in our journey. We look forward to achieving much more in the years to come,” Mr Casagrande added.
The SPBD’s mission is to improve the quality of life of underprivileged families by providing them meaningful economic opportunity to help lift them permanently out of poverty.
SPBD is especially focused on empowering women to start, grow and maintain micro-businesses through the provision of access to financial and business development services as well as the opportunity to build assets, improve financial security and finance housing improvements and education.
SPBD’s vision is to create a network of financially self-sufficient and scalable micro-enterprise development organizations throughout the South Pacific.
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