Access to finance greatest impediment for many locals, says NDB official

MANY Papua New Guineans want to enter business but their greatest impediment is access to finance, says National Development Bank managing director Moses Liu.
Liu said during the World Micro Small Medium Enterprise (MSME) and PNG Small Medium Enterprise (SME) business breakfast in Port Moresby last week that there was a lot of opportunities in the sector.
“And one of the requirements that we have experienced is a lack of security for lending, the banks must be 100 per cent sure that the product are securitised,”he said.
“That is something very difficult for a lot of Papua New Guineans to understand, you cannot come to the bank and ask for that amount and expect the bank to give it to you.”
Liu said NDB’s business incubation centre was one avenue that provided Papua New Guineans support to start a business.
“NDB is a vehicle that the government uses for all sectors of small business, the space that we operate on is the MSME sector, and we believe that there is immense opportunities,” he said.
“The incubation centre is a big way forward for the SME sector.”