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Kina Bank CEO, Greg Pawson, outlines vision on supporting local business.

Kina Bank sets millions aside for small business.

Kina Bank has established a special multi-million Kina pool of funds in a market leading move to support wholly-owned local businesses.

Chief Executive Officer of Kina Bank, Greg Pawson, said the initiative was a further demonstration of the bank’s commitment to being a major part of building the economy of Papua New Guinea (PNG).

“We recognise that we are in challenging times and also that business is a key cornerstone of the economy. Through giving strong support to business we are providing an environment for it to consolidate, grow and prosper,” Mr Pawson said.

The initial allocation of K50 million will support a new concessional variable interest rate of 4 per cent the bank has introduced for small to medium sized businesses. The bank also has removed a number of fees to make its business loans even more attractive and importantly offer more transparency in the loan process.

“This is about money for innovation and growth, while at the same time being a good corporate citizen.”

Mr Pawson said he expected the move to shake up the local banking and non-bank business lending sector and made no apology for setting aside the funds for only 100 per cent owned PNG companies.

“That’s good. We’re in the business of being a market leader and through our strong actions we create competition and at the end of the day a better deal for customers,” he said.

The bank has also established a dedicated team and simplified assessment process to help businesses access financial support.

“Importantly this is in line with the Government’s national development priorities. However, I stress that it is a Kina Bank only initiative and not part of the government sponsored scheme.”

The move will help generate jobs growth through businesses that fund expansion and further demonstrates why Kina Bank is the go-to financial institution for businesses in PNG.

This is the first phase of a number of new products and services targeted at the SME sector that will be launched in the coming months. It is part of the bank’s drive to support PNG business and the country’s economic growth.