Bank seals K80mil deal to provide credit facility

THE National Development Bank (NDB) has signed a K80 million agreement with the Government to provide a credit facility to small-micro-medium enterprises.
The interest rate is 4 per cent.
It launched four loan products: Agriculture, Bougainville Enterprise, Youth and Small Business Enterprise and Women in Business.
NDB managing director Moses Liu said one of the main requirements was a financial literacy training certificate.
The maximum loan is K500,000 and minimum is K5,000.
“This will revolutionise lending to our people to improve their living standards and growth of the economy, preparations are underway to rollout the programmes.
“Customers need to provide their financial literacy training certificates to the bank along with their applications.
“Our experience with customers over the years is that because they do not know how to run their businesses as they lack financial management skills, financial literacy has been a major problem.”