US$100M in loans helps thousands of low-income women [1]
Wednesday, December 13, 2017 - 17:21
Over US$100M in micro loans has been handed out to tens of thousands of low-Income women across the Pacific Islands, including Tonga, by the South Pacific Business Development (SPBD) since its launch in 2000.
SPBD stated that Vilisi Tabua, a fish dealer at the Suva Public Market in Fiji, took out a loan from SPBD last Friday, 8 December, helping it reach the US$100M milestone for micro finance. This is the eighth loan Vilisi is taking out after joining SPBD in 2012 to grow her fishing business.
“I would not have been able to achieve much without SPBD, because it’s very hard to get a loan from banks. ... 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,” said Vilisi.
More than 165,000 very small micro loans have been disbursed to hardworking, low-income entrepreneurs, 99% of whom are women.
In Tonga, more than 36,000 loans worth $27.5M has been provided by SPBD since 2009.
SPBD Founder and President Gregory Casagrande said the organisation “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.”
“US$100M is a major milestone in our journey. We look forward to achieving much more in the years to come.”
Through micro loans, financial inclusion is being advanced to improve people’s lives across the South Pacific and also contribute to the UN’s Sustainable Development Goals (SDGs) to end poverty.
Secretary General of the Pacific Islands Forum, Dame Meg Taylor, said in a recent speech 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.”
SPBD operates in five Pacific countries – Tonga, Samoa, Fiji, Solomon Islands and Vanuatu.