"I need dollar dollar, a dollar is what I need
And if I share with you my story would you share your dollar with me
Bad times are comin', and I reap what I done sow hey hey
Well let me tell you somethin' all that glitters aint gold...
Its been a long old, long old troublesome road
And I'm looking for somebody to come and help me carry this load"
Aloe Blacc- I need a dollar
Last day, of 5 days of Agribusiness- Start Your Business training today at work…and as the morning session regarding bank loans was being delivered (something of a sales pitch), I couldn’t help but notice…
Business loans in Samoa, offered by major NZ and Australian banks are charged at;
- 9.5%-14% interest on amounts over $50,000, over 6-20 years
-12%-14% on amounts over $5k over a similar period
-16% on amounts less than $5k up to 3 years
A “fast saver” account in Samoa- if you manage to save a bob, could earn you a whopping 1% on savings….minus bank charges.
In Australia or NZ- savings will earn 3% on average....
On a business loan…you’ll pay 6%-8% in Australia on similar periods and amounts. 7%-10% in NZ.
There are apparently reasons beyond my limited financial comprehension that the average Samoan farmer should pay up to double the interest an aussie or kiwi might….and if he did save a dollar somehow, why it would earn a 1/3 of the reward you’d get in the colonies....
...I wonder if the banks will manage to squeeze out a profit this year
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