Facilitating business growth
Businesses from small to medium enterprises can tap into the services provided by the Pacific Business Investment Facility to help them grow.
The Pacific Business Investment Facility is a programme funded by the Australian government and the Asian Development Bank.
They are working with 14 countries in the Pacific and just starting their work in Samoa.
The Business Advisor for P.B.I.F, Mathew Page, was in the country last week. He sat down with the Samoa Observer to highlight the work they do.
“Our main role is to work with Pacific countries to assist established businesses that would like to grow and expand their economic activities,” he said.
“We help them with their business plans, financial planning and putting together a finance application to commercial banks or equity investors.
“It’s about making connections and we just want to let the people know that we are here and the type of services we offer.”
The programme also offers an advisory service for any kind of business and any kind of sector from Agriculture, Agribusiness, fisheries, manufacturing, services to tourism and others.
Mr. Page said their main objective is to help and assist as many businesses as they can in Samoa over the next three years.
“We can help them obtain finance and grow their businesses on a commercial standard,” he said.
“We don’t have a bucket of finances to give to the businesses, but what we do is we look at their businesses, to make sure that they stand on their own two feet.
“It’s all about business growth.
“Essentially we work with established businesses to assist with securing commercial finance for growth and diversification.
“P.B.I.F is a team of experienced business advisor who work directly and confidently with established Pacific companies seeking commercial finance for expansion and diversification.”
How do they help local businesses to grow?
“We can help grow your business to the next level, depending on the financing needs of each company.
“We prepare submissions to secure commercial finance or investors, provide access to experts with industry experience to strengthen finance applications.
“We also provide guidance and assistance in securing commercial finance and tailor business advisory and referral services.”
P.B.I.F does not provide loans or other finance directly to companies. They do not work with start-ups or business in difficulties. All information shared on any business plans will be treated in strict confidence.
They work with formally registered well-established companies that are seeking finance or investment to grow and/or diversify. Interested businesses should employ five people or more and plan to create more jobs. The businesses should be in a sound financial position and able to present at least 3 years of business accounts.
As a business advisor, Mr. Page commended on the economy of Samoa. “The nice thing about Samoa is that it has an established economy,”
“I see that there are some issues, but that is the same with other countries as well. But there are good activities in the economy.
“There are areas that need improvement and work, but then that’s a challenge only for Samoa but also in the Pacific as well.
“In terms of tourism, the number of direct flights from some parts of the world to get to Samoa which is a big challenge.
“I’ve seen and met with a lot of Samoan people who are willing to do great things for this country with brilliant ideas, I’ve seen a lot of people with export plans as well. This is a good thing because Samoa is a small market and we need to expose and exports these products.
“Samoa has all these resources and a lot of people who are talented in producing goods but the only problem is that they don’t have market to expose and sell those products to other countries.”