The South Pacific Business Development (SPBD) Fiji has reached a significant milestone by disbursing a total of $125 million in loans to women-owned and managed businesses over its 14 years of operation in the country. This accomplishment comes just a year after the organization celebrated surpassing $100 million in cumulative loan disbursements, having empowered over 7,000 women entrepreneurs.
SPBD Fiji’s director and general manager, Elrico Munoz, described this progress not just as growth but as a movement, emphasizing the entrepreneurial spirit and leadership of Fijian women. At a celebration event in Lautoka, Munoz stressed that the institution has expanded both in its impact and geographical reach. Each week, 451 village-based women’s groups and centers convene to engage in learning, saving, and mutual support.
One notable success story highlighted by Munoz is that of entrepreneur and vendor Asinate Varo. Beginning her business journey with a modest $1,000 loan in 2021, Varo expanded her fresh produce enterprise at Namaka Public Market. By this year, her disciplined financial management and reinvestment strategies enabled her to secure a $20,250 small-to-medium enterprise (SME) loan from SPBD Fiji.
The broader SPBD network operates across five Pacific nations, including Samoa, Tonga, Solomon Islands, and Vanuatu, sharing the mission of unlocking economic potential for women and eradicating poverty through entrepreneurship. Munoz acknowledges the dedication of staff, supporters, and community members, emphasizing that the $125 million milestone is a launchpad for further innovation and expansion.
Elrico Munoz previously indicated that it took over a decade to reach the $100 million mark, while the additional $25 million was achieved in just over two years due to an increase in clients and larger loan sizes. Looking ahead, SPBD Fiji aims to reach $200 million in loan disbursements within five years.
In addition to its financial achievements, SPBD maintains an impressive loan write-off rate of less than 0.01%, demonstrating effective support systems and stringent approval processes that mitigate delinquency.
This achievement highlights the transformative power of microfinance in fostering women’s empowerment and contributing to socioeconomic development. With a focus on innovation and community engagement, SPBD Fiji continues to inspire, creating new opportunities for growth and prosperity across the Pacific. The commitment to enhancing the economic landscape signals a promising future for micro-entrepreneurs, especially women, ensuring a more inclusive and vibrant economy.
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