K2 million Morobe business funding revealed

Business

The Morobe government has K2 million sitting in the National Development Bank (NDB) waiting for individuals and groups in the province to draw on for business purposes, says a bank official.
Momase Region manager Titus Wrakonei said the money was deposited in the bank by the previous government headed by Kelly Naru.
The funding was meant to support small to medium enterprises (SMEs) in the province in line with provincial economic and social development plan.
Wrakonei revealed this during the launch of six new cooperatives at Onga-Waffa local level government (LLG) in Markham where he was guest.
“Your provincial government has deposited K2 million with NDB and the money is still sitting there,” he said.
“This money is for cooperative groups, framers and small business people like you to apply and get.
“I have not seen anyone from here (Onga-Waffa) applying for these funds.
“Now that you have cooperative societies, you must apply for the funds.” Wrakonei, however, explained that groups and individuals applying for the funding must meet certain bank requirements.
He said the applicants for the funding should have equity, security and show cash flow.
Wrakonei said he had been in Morobe for seven years and had not seen six cooperative groups being launched at the same time.