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Wide range of facilities available via Baiduri's SME Financing Schemes
23rd August 2013

Bandar Seri Begawan, 23 August 2013.Following the Minister of Energy's call to banks to develop financial packages for SMEs, Baiduri Bank would like to provide more information on the financing schemes available to SMEs in the oil and gas industry.

Mr Pierre Imhof, CEO of Baiduri Bank said, "Being a local bank dedicated to the needs of Bruneians, Baiduri Bank supports the call made by the Minister of Energy for banks to offer financial packages to SMEs. Being a major player in corporate, commercial and retailbanking in Brunei, Baiduri Bank has long been actively involved in financing all kinds of projects, including those in the oil and gas sector."

"To cater to the needs of this sector, BaiduriBank has in placefinancing solutions to businesses operating in the Oil and Gas Sector.In addition, a dedicated team, based in our Head Office and at ourSeria and Kuala Belait Branches has been set up to develop the bank’s service to this sector further", he added.

Among the schemes available are the SME Invoice Discounting Scheme, the SME Working Capital Scheme, the SME Installment Loan Scheme, the SME Indent / Purchase Order Loan Scheme and the SME Trade Financing Scheme.

The SME Invoice Discounting Scheme allows businesses to seek bridging financebased on invoices issued by them to the Oil and Gas companies for the supply of goods or services that have been completed, billed and not yet paid.

Baiduri's SME Working Capital Scheme is an overdraft facility granted to finance the SME's working capital based upon the award of a contract by the oil and gas companies.

The SME Installment Loan provides funding for capital investment such as the purchase of office equipment, furniture and fixtures, equipment and machinery for the purpose of upgrading operations, renovation on existing premises, expansion of business, purchase of stock and other business purposes. 

In addition, Baiduri's SME Indent / Purchase Order Loan Scheme is designed to assist companies in acquiring goods for their supply based on approved and awarded Purchase Order or Indents from oil and gas companies operating in Brunei Darussalam. 

Baiduri's SME Trade Financing Scheme provides trade line facilities for the importation of goods whether locally or overseas based on Purchase Order or Indents from the Brunei Shell Group of Companies.

"Our strengths are in our flexible and fast response when assessing customer's applications for financing.  We are able to do this as we have developed good relations with our customers and know them well. In recent years, major oil and gas sector projects financed by Baiduri Bank included the construction of vessels, construction of onshore and offshore equipment, plants and buildings, and manpower supply", MrImhof further said.

Besides providing financial solutions to local SMEs, Baiduri Bank is also very active in the area of mentoring local SMEs.  There are two major programmes that Baiduri Bank has been involved in for a number of years.  The first one is in collaboration with the Ministry of Industry and Primary Resources (MIPR), where Baiduri offers two financing schemes to assist the growth of local businesses: the SME financing scheme and the Micro-Finance Scheme.  Besides enjoying special interest rates, participants are also given guidance on the financial aspects of managing their businesses.  The second one is in partnership with Brunei Shell Petroleum in their Local Business Development Coaching Scheme Initiative, where Baiduri provides coaching to their vendors in financial management.

For more information about Baiduri Bank’s SME products and services, the public can get in touch with Baiduri Bank's Seria or Kuala Belait Branch.

File photos: His Majesty being greeted by Baiduri Bank staff during the Brunei Energy Expo held on 23rd September 2011 at BRIDEX Convention Centre, Jerudong. At the Expo, Baiduri Bank showcased its Oil and Gas SME Vendor Financing Schemes.
  (Above)The cover of a brochure featuring Baiduri Bank’s Oil and Gas SME Vendor Financing Scheme.
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