District provides K1mil funding for small businesses

WOMEN in Wewak, East Sepik, can now have access to a funding of K1 million under the Women’s Micro Bank Ltd (WMB) to boost their small businesses.
The funding was presented to the bank by local MP Kevin Isifu and the district development authority yesterday to manage and develop micro, small and medium enterprises (MSMEs) in the district.
This stems out from an agreement that was signed in February when WMB and the district authority entered into a memorandum of agreement for a MSME credit scheme for the women of Wewak district.
WMB senior officer Cynthia Kwamillon, when receiving the cheque, emphasised on the implementation strategy of the funding.
Kwamillon said the funding would be used for a full scale financial inclusion programme for the women of Wewak district.
She said the programme is open to new and existing customers.
For MSME loans, customers should have any informal business activities or a new business activity, and guarantee should be given by their family.
Kwamillon clarified that only women would be eligible but men could partner with women to access the funding.
Isifu thanked the bank for coming on board to help people in his district for MSME Credit Revolving Fund Facility which would create an enabling environment for his government to invest.