Australia is supporting the Solomon Islands construction sector to address one of its biggest challenges – accessing the finance that local businesses need to expand.
Over 50 company representatives gathered in Honiara to attend the Australia-supported Access to Finance workshop, connecting local contractors with banks, financial institutions and business support organisations.
Representatives from BSP, Credit Corporation, Development Bank of Solomon Islands, Business Link Pacific and Australia’s Strongim Bisnis shared practical advice on what businesses need when applying for finance, including good financial records, managing cash flow and meeting business requirements.
Australian High Commissioner Jeff Roach said access to finance was key to supporting local businesses to grow and take the Solomon Islands construction sector to the next level in infrastructure delivery.
“The majority of Australian-supported infrastructure is delivered by Solomon Islanders, and we’re proud to support strong local businesses to grow across the country as we work together to deliver the infrastructure communities need to prosper and grow,” High Commissioner Roach said.
“By strengthening financial management and understanding how to access finance, local contractors are better placed to seize new opportunities.”
Workshop participant, Rakei Soaki of Azimuth Survey said the workshop provided useful information to apply to their day-to-day operations.
“This has helped us better understand what banks and financial institutions look for, and why keeping good financial records is important,” Mr Soaki said.
“It also gave us a better understanding of the finance options available to help businesses grow and invest in the equipment and resources we need.”
During the workshop, participants learned about keeping accurate business records, separating business and personal finances, managing cash flow and understanding what lenders look for when considering loan applications.
Financial institutions also shared information on products that can help businesses purchase equipment, support project delivery and expand their operations.
The workshop forms part of Australia’s ongoing support to strengthen Solomon Islands’ infrastructure sector to keep more of the benefits of infrastructure investment within Solomon Islands.
