Microfinance scheme gaining popularity with Rabaul SMEs

 THE inclusion of the K500,000 revolving fund in the Mataure Rabaul Microfinance Ltd (MRML) has seen interest picking up among small and medium enterprises (SMEs) in Rabaul.

The fund was allocated by the joint district planning and budget priorities committee for loan disbursement to local SMEs.

A report on the fund in the past four months indicated that 30 local SMEs had started up business. So far, K62,000 had been given out as loans.

The funding is managed by MRML and the district administration and applicants can lodge their business proposals with the business development officers at the four local level governments in the district.

District business development officer Michael Luana said more people in the district were now aware of this loan scheme and were opening up accounts at MRML. It is expected that the loan disbursements would increase by the of the year.

The breakdown of the fund to the four local level governments is: K100,000 to Watom, K100,000 to Kombiu, K100,000 to Rabaul Urban and K200,000 to Balanataman.