Loan facility attracts landowners

A NEW lending facility rolled out in Lihir, New Ireland has already attracted 100 loan applications.
Lihir Mining Area Landowners Association Social Business Limited (LSBL) manager Albert Negehove said 21 of the applicants attended a workshop to educate them about the mechanisms involved.
The partner agencies are MiBank and the Mineral Resources Lihir Capital Limited.
“The workshop is on business habits and discipline, owning and managing a business, competency, and keeping and maintaining daily cash books and records,” he said.
The 21 were given their business passbooks after the workshop.
Negehove said even though the participants might have their own passbook or savings accounts with MiBank, “you will still be issued a new passbook because this is for the business project you are venturing into under this facility”.
Association general manager Joachim Malele said the facility was to assist Lihirians own small, medium and large enterprises.
He said the facility would enable landowners to access commercial and personal loans through MiBank.
The mobilisation of the funds started in 2008 when the association and the landowners agreed to save 20 per cent of their royalties and 10 per cent of their land use payments from the mining activities on the island.
“The total saved by the landowners to date is K26 million.”