Development Bank of Samoa through the Central Bank of Samoa Credit Line Facilities (CBS-CLF) has enabled the expansion of existing development projects and encourages the setup of new development ventures across all sectors of the economy by offering affordable credit finance for local business owners. These include the Cyclone Evans Rehabilitation Program, the Third Small Island Development States(SIDS) Conference, Samoa Agriculture Competitiveness Enhancement project(SACEP), Small Business Enterprises Centre(SBEC) and Flea Market Assistance in 2016. CBS-CLF offers concessional interest rates ranging from 3% to 8% and 12 months grace period, a distinctive feature of DBS as a development financing institution from local commercial banks.
Continuous development partnership with CBS and utilizing SBEC Guarantee ensures continuity and success of DBS supported SMEs and microenterprises such as flea market operators and small farm operators. A total of 64 flea market operators and 84 small farm operators received finance valued at more than $.05million. Apart from helping farmers to meet the demand for locally produced food products and encouraging import substitution, DBS credit finance support individual start up projects and women enterprises to strengthen their overall productivity through greater access to finance for investment with the long term goal of conceding into the export market.
The Bank launched the Samoa Skilled RSE Workers facility in partnership with SBEC, MCIL and MPMC in July 2016. The new facility aims to provide financing support and to encourage Samoan RSE workers to set up small business developments to support loan servicing and social needs. DBS continues to advocate towards supporting local entrepreneurs and further helping communities flourish through employment generation and support for local products at the same time promotes the Government of Samoa’s initiatives to enhance the quality of life for all Samoans.