The Secured Transactions Act effective now, will make it easier for people to access business and consumer loans, using personal property as collateral.

Under the Act, individuals using personal property as collateral to secure loans, register details of the transaction with the new Secured Transactions Filing Office. The filing office, located at the Ministry of Commerce will be available online and may be electronically searched.

"The Secured Transactions Act will make it easier for people to secure loans to start or grow a business, using personal property such as boats, or farm equipment," said Snyder Rini, Minister of Finance of the Solomon Islands Government. "The Secured Transactions Filing Office will be a transparent, reliable record of collateral."

The new electronic registry will ultimately lower lending risks and bring down transactions costs for borrowers.

"The Asian Development Bank (ADB) will continue to work closely with the Solomon Islands Government and the business community to modernize business law and help make it more accessible," said Eugenue Zhukov, Regional Director of ADB's Office in Australia.

The filing office will help facilitate the administration of the Secured Transactions Act, passed last year. ADB assisted the Solomon Islands Government in drafting the Act and establishing the electronic registry.

The Secured Transactions Act and filing office, along with new initiatives by Solomon Islands Government and ADB to develop a Companies Registry are part of a shared commitment towards improving the business environment, and in particular access to finance, in Solomon Islands. ADB, 03/09/09.