S.P.B.D. Microfinance surpasses US$100million (T$240million) in loans for hardworking, low-income women entrepreneurs
The South Pacific Business Development (S.P.B.D.) Microfinance Network achieved an impressive milestone on Saturday, surpassing US$100 million (T$240m) in “micro loans” disbursed to tens of thousands of women entrepreneurs – including thousands in Samoa.
Entrepreneur Vilisi Tabua, a fish dealer at the Suva Public Market in Fiji, is the recipient of S.P.B.D’s US$100 millionth loan.
Vilisi joined S.P.B.D. in 2012 and successfully grew her fishing business. Her success enabled her to access S.P.B.D’s larger Small-Medium Enterprise (S.M.E) financing, and today she received her 8th loan.
With S.P.B.D. support, Vilisi has also significantly improved her housing and living conditions.
“I would not have been able to achieve much without S.P.B.D, because it’s very hard to get a loan from banks. I strongly believe that S.P.B.D. brought us up to where we are now,” she said.
“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 S.P.B.D., the benefit has not only been in terms of finance but also things like savings, financial literacy, leadership and independence.”
Since its launch in 2000, S.P.B.D. has impacted tens of thousands of women like Vilisi.
S.P.B.D. 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, S.P.B.D. now operates in five countries – Samoa, Tonga, Fiji, the Solomon Islands and Vanuatu.
With a dedicated staff of 154, S.P.B.D. currently has 17 offices and offers 16 products and services, including credit, savings, death benefits, financial education and business skills training to its members.
In Samoa alone, S.P.B.D. has provided more than 75,500 loans worth US$48million since 2000.
S.P.B.D. Samoa has 30 staff and operates two offices on Upolu and Savai’i.
S.P.B.D. works to advance financial inclusion through microfinance to improve the lives of people across the South Pacific.
S.P.B.D’s microfinance program supports the advancement of the UN’s Sustainable Development Goals (S.D.Gs).
In a recent speech, 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.
S.P.B.D. Founder and President Gregory Casagrande reflects, “Since our inception in 2000, S.P.B.D. 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.”
S.P.B.D. 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.
Casagrande adds, “US$100M is a major milestone in our journey. We look forward to achieving much more in the years to come.”