SMEs take advantage of scheme: Governor
Barry Whiteside (Governor, Reserve Bank) and Adrian Hughes (General Manager,Westpac) looks at the cake during the launch of Commercial Loan launch. Photo: RAMA
By RACHNA LAL
Government’s guarantee scheme for the small to medium enterprises (SME) sector has been received well.
Governor of the Reserve Bank of Fiji, Barry Whiteside, revealed the latest figure they had for the end of May since January, 93 loans have been extended to SMEs.
“This is a value of $6 million. This assures us that there is movement now in the SME sector,” he said.
Mr Whiteside stressed the SME sector was critical to the Fijian economy, however, its full potential was not being realised.
“SMEs in Fiji contribute only about 12 per cent to our gross domestic product (GDP) whereas SMEs in other countries in similar position, contribute up to 40 per cent,” he said.
“There is room to build and grow the SME sector in Fiji. They are a very significant part of any economy.”
Mr Whiteside also welcomed Westpac’s latest commercial loan product designed to assist SMEs purchase business equipment and vehicles.
“This one is good product and will help businesses who don’t have savings and aren’t able to afford cash,” he said.
Meanwhile, Mr Whiteside reiterated the central bank’s growth forecast for this year which has been revised to 2.7 per cent.
He said they predicted economic growth to be 2.9 per cent next year.
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