Locally registered businesses in Enga province can start applying for a loan with the National Development Bank in the beginning of next month to start or grow businesses, says official.
NDB Managing Director Moses Liu said after receiving a cheque of K1 million from the Enga provincial government at Hilton Hotel in Port Moresby on Friday, August 21.
“This cheque of K1 million is a follow up from the memorandum of agreement EPG signed with the Bank on Wednesday, August 19 at the Waigani Head Office in Port Moresby to roll out the provincial credit scheme,” he said.
The EPG credit scheme will allow local businesses in Enga Province to access loan funding from the Bank to start or grow/expand their businesses.
“EPG’s credit scheme will officially serve its purpose to provide affordable micro credit to the people of Enga basically to engage in small businesses in the micro sectors,” Liu said.
Enga provincial administrators Dr. Samson Amean also challenge the people to make use of the funding.
“If they utilise the credit scheme properly, we will be investing more in the future,” he added.
Amean said with the economic impact of the corona virus pandemic and the ban of betel-nut business in the province, the scheme is an alternative for the people to farm the land.
“The purpose of the scheme is to empower and provide opportunities for our own people to stay on their land and venture into farming businesses for their own income,” he said.
There are 19 schemes of similar nature already established with the Bank, four of which are credit schemes for provincial governments and 15 are for district governments.
L-R: EPG Legal Officer Michael Kambao, Provincial Administrator Dr Samson Amean, NDB Managing Director Moses Liu, Relationship Manager – Credit Scheme Daniel Wohwiehembe, Executive Manager Lending Trevor Cain and Wabag Branch Manager Arnold Pingin