Bank to vacate premises housing SME businesses

THE National Development Bank will be vacating the premises where it houses small-medium enterprises at Hohola in Port Moresby when the lease expires in December, an official says.
Bank official Leslie Timothy said due to the tough economic situation, the small-medium businesses had not been able to pay rent for the business incubation centre in Hohola.
“We are leasing the property at Kunai Street, Hohola and subleasing spaces to SMEs,” Timothy said.
“The lease expires on Dec 17. So we are vacating the premises.”
“There are 44 spaces but only 36 occupied.
“While NDB initiated the business incubation centre concept (and) taking the risk of providing affordable rental to SMEs, other Government agencies such as the National Capital District Commission have replicated the same concept at the 6-Mile Port Moresby Incubation Centre.”
Business owner Jenny Kalai said they would just have to look for other venues.