Bank gives loan to Huon Gulf villagers

Lae News, Normal

The National, Thursday, June 9th 2011

THE National Development Bank (NDB) through its micro finance scheme has brought joy to the Gabensis villagers in Huon Gulf district, Morobe, by giving them the opportunity to borrow money for small, home-based businesses.
The villagers sang and danced as NDB Momase regional manager Titus Wrakonei and senior loans officer Rosemary Malara went to their village last week to deliver K29,000 repeat loan money to 24 of the 32 members of Wanam community-based organisation (CBO) group.
The group, according to Wrakonei, was the first in the province to repay their first loan before time and having their repeat loan approved.
Wanam CBO is a group of men and women who are involved in small informal sector activities like selling betelnut and cigarettes, poultry farming, selling basic food items and groceries through roadside trading and others.
The group, which started with 11 men and women late last year, had been knocking on doors of banks and other financial institutions in Lae without success.
Speaking for the women, Deborah Paul said she was surprised that her loan was approved and the money delivered to her doorstep.
She said she would be using her money to improve her betelnut and sale of basic food items like rice and tinned fish at her roadside stall.  
The name Wanam derived from the mountain lake situated across the Markham River, south of Nadzab Airport.
Gabensis village is situated about 40km from Lae along the Wau-Bulolo highway.