Fisheries Credit Loan
The Fisheries Credit Facility (FCF) is provided as an access to finance the fishing sector to expand the fishing industry through establishing and expanding individuals, co-operatives, associations, and small enterprises.
The Fisheries Credit Facility funding is made available through an existing Memorandum of Agreement (MOA) between the National development Bank limited (NDB) and the National Fisheries Authority (NFA). All loa applications will be facilitated through NFA Office.
The Micro Credit Line is to enhance the productivity and improvement of village based fishermen to help them increase productivity and cash income so that their living conditions in their communities will improve.
- Minimum Amount - K1,000.00 .
- Maximum Amount - K50,000.00.
- Interest Rate- 6.5% on reducing balance
- Repayment Frequency - Depends on cash flow
- Equity Contribution- 30% (10% in cash & 20% in kind) of the loan amount.
- Collateral/Security- CBO Security which represent 10% of total loan to CBO
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- Grace Period- Extended on case by case basis and only if need be
- Fees- Non refundable Application fee - K50.00
The Small Business Credit Line is aimed at helping small enterprises to strengthen their operations by way of accessing loans easily under the Fisheries sector.
- Minimum Amount - K51,000.00
- Maximum Amount - K500,000.00
- Interest Rate - 6.5% on reducing balance
- Repayment Frequency - Depends on cash flow
- Term - 36 months maximum for loans above K30,000.00 while those below will be negotiated at terms lower than 36 months
- Repayment Frequency - Depends on cash flow
- Equity Contribution - 20% in cash of the loan amount preferable
- Collateral/Security - Registered Bill of Sale (RBS) over the item purchased or for the matter any items of value pledged during the granting of the loan as well as any registered mortgage (RM) over
- property on State lease land or any other security deemed appropriate by NDB
- Grace Period - Extended on case by case basis and only if need be
- Fees - An application fee of K50.00(non-refundable) will be paid upon lodgement of all loan application forms. Based on the fate of application a loan approved fee that represent 1% of the loan amount will be paid only if the loan is approved.
The Business Credit Line is purposely to:
- Improve operations and infrastructure
- Support ventures into a new area or go into downstream processing or even use new methods of fishing.
Features
- Minimum Amount - K501,000.00
- Maximum Amount - K1.5m
- Interest Rate - 6.5% on reducing balance
- Term - 84 months maximum
- Repayment Frequency - Depends on cash flow
- Equity Contribution - as per current policy guidlines to the bank
- Collateral/Security - This will be negotiated as any normal NDB commercial loan, therefore bank policy requirements regarding collateral will apply here as per policy guidelines.
- Grace Period - Extended on case by case basis and only if need be
- Fees - An application fee of K50.00(non-refundable) will be paid upon lodgement of all loan application forms. Based on the fate of application a 1% of the loan approval fee of the loan amount will be paid.
Tourism Expansion
For development and expansion of small to medium scale tourism project in PNG
Textile Business
- Deliver small accessible credit to Papua New Guinean women endeavoring to participate in building and operating textile operations in PNG.
- Enable women to access credit
- Assist commercial busines ventures or cottage type income generating activities to increase cash income so that living conditions will improve for themselves and their local communities.
How To Access Credit Scheme Services?
All you have to do is to contact the nearest NDB branch in your location and get in touch with our credit scheme representative.
