District to release small business loans

MORE than 200 micro to small and medium entrepreneurs (MSME) associations in Moresby North-East will start their businesses soon, according to MP John Kaupa.
Kaupa said the district would release funds for the MSME shareholders to start their businesses.
“We want to train our mothers so that they know how to manage their businesses before the fund is released,” he said.
“The training includes financial literacy, bookkeeping, goal saver, budgeting and how to run a successful business.”
Kaupa said about K1 million would be distributed in the first rollout to those ready to start after their training.
He said the district had allocated K3 million to the SME programme, while the Government and the National Capital District had pledged K3mil and K1mil to the district respectively.
“The district will deposit K1 million in the NDB (National Development Bank) so that our mothers can get the loan,” he said.
The loan repayment rate is 3 percent yearly.
If you borrowed K1,000, then you will pay K1,030 after a year.
The loans will be between K100 and K5,000.