Page 38 - Islands Business June 2023

SPBD SPBD

(L-R) SPBD Fiji Director, Lorraine Seeto; SPBD Fiji member, Miriama Degei; Governor of the Reserve Bank of Fiji, Ariff Ali; and SPBD Fiji General
Manager, Elrico Munoz at the celebration of the US$250 million loan disbursement at the SPBD Fiji Head Office in Suva.
SPBD MICROFINANCE CELEBRATES

US$250 MILLION LOAN DISBURSEMENT

MILESTONE IN THE SOUTH PACIFIC

SPBD Microfinance, the leading microfinance network dedicated are what contributed to this significant milestone.
to empowering women microentrepreneurs across the South Pacific SPBD Chief Operating Officer, Polly Kelekis, adds: “With this milestone,
celebrated a major milestone in June, distributing US$250 million in we reaffirm our commitment to fostering economic empowerment and
loans in its quest to transform lives. inclusivity in the South Pacific region.”
The achievement was marked with the disbursement of a FJ$7,000 She says SPBD remains dedicated to expanding its reach, scaling its
loan to businesswoman Miriama Degei (see story on p39). operation, and driving sustainable changes amongst its current and
Marking the occasion, Founder and President, Greg Casagrande, said: future members.
“This achievement is a testament to the resilience and determination of SPBD has been instrumental in supporting more than 115,000 Pacific
the women microenterpreneurs we serve. Island women microentrepreneurs, providing them with vital financial
“Our members are of modest means but have larger ambitions, and resources and enabling them to build their businesses, improve their
we are incredibly proud of the impact we have made in their lives and housing conditions, and invest in their children’s education.
communities.” It supports businesswomen that earn FJ$50,000, unlike most
Casagrande continued: “The US$250 million milestone represents institutions and banks that only cater to businesses with a turnover
not just a figure but the dreams, aspirations, and potential unleashed above that amount.
through microfinance.” “That’s our working space; our highest earner at the moment is
In Fiji alone, SPBD has provided 68,000 loans worth FJ$90 million. FJ$30,000, but at the same time, we are filling a grey area, where other
SPBD Fiji General Manager, Elrico Munoz, stated: “We are thrilled banks fear to tread,” Munoz said.
to have reached this incredible milestone. By providing accessible “I would make a challenge to banks because if you see our portfolio, it
and inclusive financial services, we have enabled microentrepreneurs is a very high rate portfolio, which means our repayment rate is 99% and
to uplift their families and contribute to the overall socio-economic the risk is less than 1%, which means the risk of investing in microloans
development of the countries where we operate. is actually very low if you do it well,” he added.
“The more than 310,000 loans we have disbursed across five As Miriama Degei received her loan, Munoz advised other women to
countries, worth US$250 million, demonstrate the transformative follow in her path: “Look at Miriama as your role model and inspiration;
power of microfinance.” you can start small but think big, and when we say big, we don’t mean
SPBD also operates in Samoa, Solomon Islands, Tonga and Vanuatu. the same business make it grow big, but from that small business create
SPBD’s comprehensive range of financial products, business skills, other small businesses, and then you will be more successful in your
financial education training, ongoing guidance, and member motivation endeavours.”

38 Islands Business, June 2023
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