Local Banks Provide Plenty Of Assistance For SMEs
By Achong Tanjong

Bandar Seri Begawan - Small and Medium Enterprises (SMEs) have vast opportunities for growth, as well as a pivotal role in the development of local economies.

Based on that importance, the government - through the relevant agencies had put in place a supportive and conducive environment for the development of local SME's.

In its efforts to create a good business environment, the government of His Majesty provides administrative support, investment and trading opportunities as well as technical assistance to local entrepreneurs.

The government has established financing schemes for SMEs, such as the Enterprise Facilitation Financing Scheme and the Micro-Credit Financing Scheme, to inject capital for innovative entrepreneurs to kick-start businesses.

Officers from Bank Islam Brunei Darussalam set up booths at the recent Fisheries Carnival - to showcase their services for SME's. BIBD in its leaflet stated that the main objective of the Enterprise Facilitation Scheme is to "provide financing for small and medium entrepreneurs in the country" in support

of the government's drive to "speed up the process of industrial development".The scheme targets relevant sectors in the fields of production, processing, manufacturing, tourism services, marketing, agriculture, fisheries, manufacturing and tourism, with the maximum financing limit of $1.5 million

Meanwhile, the Micro-Credit Financing Scheme aims provide financial assistance for new and existing small/micro entrepreneurs, while providing opportunities for SMEs to grow vis-a-vis boost employment opportunities in the country.

The scheme targets the primary resources sector like agriculture, fisheries and forestry, workshops, manufacturing ventures such as tailoring and foodprocessing, computer and telecommunications, and beauty salons/ barbershops. The maximum financing limit in the scheme is $30,000.

Meanwhile, the Standard Chartered Bank (SCB) has launched a business credit card catered especially for owners of SME's. The business credit card is another important source of working capital for the SME's. The card enables holders to enjoy 0.20 percent cash back on all of their retail spending. -- Courtesy of Borneo Bulletin

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