The Samoa Commercial Bank has renewed a Memorandum of Understanding MoU with the Samoa Business Hub, to continue the work they do under a revised Business Guarantee Scheme that supports lending to the business community.
Managing Director of Samoa Commercial Bank, Lemalu Ray Ah Liki is a great supporter of the Scheme and a passionate advocate for local businesses, and the signing of the MoU reflects his commitment to encourage and open pathways for Samoan businesses.
Who is Samoa Business Hub? The answer starts with the Small Business Enterprise Centre (SBEC) Samoa. SBEC is a quasi-government organisation mandated by the Government of Samoa and assisted by the both Samoa and long-time partner New Zealand to support the development of micro start-ups, small and medium enterprises (msmes) in Samoa.
It is governed by a Board of Trustees representing the Government of Samoa, the Private Sector, Savaii businesses and Donor Partners.
Most know SBEC for the small business loan guarantee scheme and the business training they deliver for micro start-ups and small businesses, which it has been providing since 1994. Going forward, however, things are changing at the Centre – including its name which has been changed to the Samoa Business Hub (SBH). The change is a result of restructuring at the organisation, to realign its services to the demand of the business community, the lending landscape and the development goals of Samoa in its Development Strategy.
This will see an expand in its business support services to a wider range of businesses to include more established, small and medium sized enterprises (SMEs) with good growth potential.
The active Business Loan Guarantee Scheme portfolio of SBH currently supports more than a thousand businesses from micro to medium enterprises in all economic sectors, with credit financing from all commercial banks including Samoa Commercial Bank and DBS, whom share the same passion for local business growth. MoUs with other banks are under revision and will be completed and signed soon.