Financial institutions get K2mil each to boost SMEs

East New Britain (ENB) Governor Nakikus Konga has presented cheques of K2 million to two financial institutions in the province for small-to-medium enterprises (SMEs).
Provincial administrator Wilson Matava said during the presentation on Monday that the payments were the final payment to the two institutions.
The East New Britain Savings and Loans (ENBSL) received two cheques of K250,000 while Kada Poroman Microfinance Ltd (KPML) received K1.5 million.
Matava said the provincial government through its internal revenue funding had allocated more than K2 million for SME purposes to ENBSL and KPML since mid-2019.
“We continue to allocate funds to these two local financial institutions to help our people access loans to start small business,” he said.
He said last year the provincial government gave K1.5 million to ENBSL and K500,000 to KPML.
Matava acknowledged ENBSL and KPML for their ongoing support to the people in the province.
“We know access to finance, financial inclusion, training is very important,” he said.
“Though we are affected by the Coronavirus (Covid-19) and by law and order issues, the support from our two financial institutions has enabled our people to sustain themselves in these difficult times.”
Meanwhile, Governor Konga said the provincial government was working to establish its own commercial bank in the province.
“We have to grow our people up financially so they have money in their pockets, not only for business, but also to improve the standard of their living because they are the ones to grow the economy, not us.”