The Productive Sector Stimulus Package is a relief loan designed to help registered Solomon Islands small businesses including manufacturers, farmers and commodities exporters recover from the economic and social impact of the global coronavirus (COVID-19) pandemic.
The rationale for this loan is to stimulate economic growth by supporting these businesses to increase their activities, particularly in the rural areas and thereby contributing to an increase in employment and in the country’s commodities export.
Loan Features
| Eligibility: | Any registered Solomon Islands small businesses involved in the retail, wholesale, manufacturing and fabrication sector or in farming or commodities export for at least 2 years. |
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| Purpose for loan: | To support increase in economic activities in rural areas, employment and export |
| Security: |
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| Interest Rate: | 8% for the first $1,000,000 borrowed and 13% on the balance with a maximum Weighted Average Interest Rate of 10.5%. |
| Term: | 5 years Maximum |
| Facilities accessible: | Facilities that can be accessed include but are not limited to any of the following: working capital, equipment, machineries, purchase of assets to assist in production or improvement of processes and quality of export commodities, acquisition of modern technology related to improving quality and standards to meet export demands and purchase of seedling and feed or machinery hire. |
| Minimum Loan: | $10,000.00 |
| Maximum Loan: | $2,000,000.00 |
| Equity: | Equity requirement: minimum of 20% of capital sought. In the case of farmers sweat equity maybe considered in lieu of cash equity. For other businesses, real estate property maybe substituted in lieu of cash injection. In both cases cash flow generation and ability to repay is paramount. |
Make an Enquiry to find out more about mandatory documents and other requirements for this loan.
How to apply?
We are always ready to help you get started on your application so please do visit our main branch or a branch nearest to you. You can also Enquire about this product online or download our application Forms.
Where to apply?
Our branches are located at: Room 27 of SINPF Plaza and on the First Floor of Anthony Saru Building. You can also Contact Us from this website.