Deputy Minister of Finance and Economy, Dato Seri Paduka Awang Ahmaddin bin Haji Abdul Rahman (C) witnessing Finance Director of Brunei Shell Petroleum, Rob Van Velden (2nd L) and Chief Executive Officer of Bank Usahawan, Udo Schedel (2nd R) signing the contracts during the Signing of Memorandum of Understanding Ceremony between Bank Usahawan and Brunei Shell Petroleum at Bank Usahawan on 02/11/18. Image: Ridhwan Kamarulzaman

Bank Usahawan has inked a contract with Brunei Shell Petroleum Company (BSP) to facilitate BSP Credit Facility Program, catering fast tracked and affordable financing to existing and prospective local businesses.

Under the programme, the bank will offer attractive funding terms and conditions specifically to start-up companies with limited credit history.

BSP Finance Director Rob Van Velden said that several companies have successfully acquired financing under the programme with Bank Islam Brunei Darussalam and Baiduri Bank since its launch in February.

“I am satisfied with how things are going with the Credit Facility Program. Bank Usahawan can fulfill an important role here next to our existing partner banks and I am confident we will shortly see a first placement Bank Usahawan loan with one of our business partners,” he said.

Van Velden also said that with the three banks joining the programme, the organisations have the joint capability to serve diverse business partner base, with in-country and fit for purpose financing on competitive terms.

“I encourage our business partners to have a discussion with our partner banks to see if the offered products under the programme can fit their business needs,” said the finance director.

Meanwhile, BSP In-Country Value Manager Hjh Rosita Hassan noted that the provision of credit to local businesses as a key element in BSP’s drive to deliver increased local company’s participation in the portfolio.

“By having more affordable credit accessible to these entrepreneurs, we hope to create more opportunities for entrepreneurship and local business development in line with the vision of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam,” she said.

On his part, Chief Executive Officer (CEO) of Bank Usahawan Udo Schedel said that there is a space for the bank to add value.

“Our terms are very competitive for the smaller market segment and we believe we can deliver credit quickly to smaller business partners of BSP to enable a flawless contract start-up,” the CEO said.

Bank Usahawan was established in 2017 to meet financial ambitions of entrepreneurs across various industries that will help government’s aim to diversify the economy.

The agreement was signed by the bank’s CEO, Udo Schedel while BSP by its Finance Director, Rob Van Velden.

On hand to witness the signing was Deputy Minister of Finance and Economy Dato Seri Paduka Ahmaddin Hj Abdul Rahman.



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