Help business people with startup capital, banks told

 UNITED Nations resident coordinator Roy Trivedy has challenged financial institutions in Papua New Guinea to take necessary risks to issue loans to business people who apply for start-up capital.

Trivedy said according to a UNDP commissioned report, Seeding Social Enterprise in PNG, financial institutions in the country were afraid of lending money to business as they feared they might not able to get back their monies due to security reasons.

He agreed with banks and other financial institutions that some new business people did not have the necessary requirement to obtain loans.

Trivedy challenged entrepreneurs in Papua New Guinea to be more careful and practical in designing their business plans, as well as having collateral to convince banks and other financial instating for release of loan funds they ask for.

He urged aspiring business people to adhere to their business plans and for financial institutions to become more flexible in their dealings with businesses.