District parks K1mil in micro bank to support MSMEs

By PETER ESILA
ABOUT a million kina in micro, small-to-medium enterprise (MSME) funds will be parked at the People’s Micro Bank (PMB) for the Moresby North East electorate.
PMB officer-in-charge Esther Mongea said Moresby North East was the third district development authority (DDA) to partner with the bank after Talasea in West New Britain and Yangoru-Saussia of East Sepik.
“Moresby North East Holdings are committing K1 million, and the loan range is from K1,000 to K50,000,” Mongea said.
“It is 100 per cent secured loan, so there will be minimal bank fees. The customers will have to come and open an account with us and we will assist from there.
She said customers need to show their financial literacy certificates.
Mongea said the funds “will be paid into their accounts,”.
She said customers needed to be endorsed by the North East Holdings.
“They can come in as per their associations that they have already registered,” she said.
Moresby North East MP John Kaupa said those engaged in the MSME sector had to be disciplined to be successful in business.
Kaupa said about 10,000 people from Moresby North East, the majority of them women, had received financial literacy training since April.