Women’s Micro Bank makes loan process easier

Business

By JIMMY KALEBE
THE Women’s Micro Bank in Lae has announced products to suit people who have little capital to start small businesses.
Lae branch manager Robert Raim said the two main products were savings and loans.
The products are flexible with terms and conditions attached and could be accessible to middle and low-wage earners or people in rural areas.
Raim said big commercial banks had regulations which were very tight.
“Over 80 per cent of the Papua New Guinea population is rural-based and capital to start a small business or to access loan services may be limited in some instances for reasons only they knew,” he said.
“Most of the loan products that these big banks have do not suit the rural setting.
“It only suited big businesses or companies.”
He said the Women’s Micro Bank catered for the majority of the population with products ordinary people could afford.
He said there were five licensed microbanks operating in the country, all trying to address the financial needs of ordinary Papua New Guineans.
“Sadly, some of the micro banks now have tightened grips on some of their products just like the major banks and that has seen a lot of people missing out,” he said.
He said loan requirements under some of the micro banks were tight and too strict.

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