K80 million for NDB

The National Business

COMMERCE and Industry Minister William Duma has assured the Government’s support towards economic empowerment of local entrepreneurs or small and medium enterprise (SME) owners.
Speaking at the presentation of K80 million to the National Development Bank yesterday, Duma said the funds were for people to take out as loans to do business.
Earlier this year, the Government parked K100 million with Bank of South Pacific to serve the same purpose of assisting small business owners.
Duma yesterday said the K180 million was part of the K200 million the Government budgeted this year to support SMEs in the country.
He said that the balance of K20 million would “not be misused”.
He said the K20 million would be released to various entities such as the MSME Corporation, Investment Promotion Authority among others to provide training for entrepreneurs.
According to Prime Minister James Marape, the Government would continue to allocate K200 million each year to assist small business owners.
Marape encouraged people to get into bigger business ventures instead of operating trade stores.
“Business should not just be tucker box and PMV, you run private law firms, schools, hospitals, you go into manufacturing,” he said.
NDB acting managing director Aaron Underdown outlined four credit products under the bank’s credit facility which covered youth and women’s groups including the Autonomous Region of Bougainville.

8 comments

  • Thanks to this Government for providing this avenue to support Papua New Guineans.
    Please create awareness for the interested Business minded people, the criteria on how to access these loans. What steps to take, and what documentations are required to apply for the loan. Are there some qualification requirements required in order to be eligible to apply for this loan. These are some of the questions ordinary Papua New Guineans are asking. Thank you.

  • Hope political interference and manipulation do not creep in when it comes to disbursement of loan funds!

  • Appreciated the program initiated by our government in supporting SMEs funding through the two commercial Banks. My only concerns is the requirements from the banks to qualify for a loan. The first discouraging factor is the 30% equity which most of the SMEs I believed will be having difficulties to put up, as most SMEs have been affected by Covid 19 in 2019 and 2020. Cashflows were affected and businesses were struggling with their operations. Maybe some businesses will be able to meet the 30% equity while others will find it difficult. A good incentives was introduced by the Central Provincial Government (CPG) Governor to assist his people subside the 30% equity. This is very encouraging and should see businesses boom in various provinces.

  • I agree with what Joseph Wafikun,s comments. We are small people with no clear guidelines as to how to go about obtain loans. More awareness through to media and public appearances in the four Regions of our country to educate us. Moer awareness please.

  • Is this a government initiation to assist already existing business or citizens who wish to start up business?
    If it is intended to support small people then please allow small people to have easy access it without complex criterias.
    I believe this government is for the people.

  • BSP Requirements are too strict. Definitely small and new SMEs will not obtain loans as the requirements and process is way too strict for them.

  • Thanks to Marape government, he is not only the PM who talks and concentrate on urban minority but he is enabling his MSME and SME is really working. He stood to his word. Thank you PM JM for honouring your word by injecting K80 million for NDB to roll out your SME scheme.

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