NCSL to provide funding for SMEs
NASFUND contributors savings and loan society (NCSL) members venturing into the small to medium enterprise (SME) activities can now have direct funding for such purposes after it became the first savings and loans society to sign on under the risk share facility (RSF).
The RSF was established on Oct 23, 2014, and is financed by the PNG Treasury Department and Asian Development Bank for the benefit of micro and small enterprises in PNG.
The facility is supervised by Bank of PNG.
Chief executive Vari Lahui said the signing was significant because it allowed NCSL to provide direct funding for SME opportunities in alignment with the national agenda and paved the way for the society to offer a new lending product.
“Under the facility, NCSL will be able to lend for small business activities to its members and in any event of default, the risk of loss will be equally shared,” Lahui said.
“This facility also allows NCSL members an opportunity to continue earning a living after leaving employment.”
BPNG deputy governor Ellison Pidik said the RSF encourages financial institutions to lend to the SME sector, partially mitigating the risk of loss.
He said NCSL became the sixth financial institution to participate.
NCSL is expected to start lending under this facility.
13 comments
This is a welcoming news. Keep up the good work NCSL and Nasfund Management management.
Thank you NCSL board/management for this great great initative.
Thank you, NCSL. When is this SME loan effective?
What are the requirements?
This is an added incentive to NCSL members, great!
When is this effective and what are the requirements?
Thank you NCSL Management, this is the way forward for us working class to participate in SME
Forget about the much talked about political SMEs; here is the real SME
Thank you NCSL – go on and established a bank and BSP will collect dust as its one of the Corporatized criminal draining the money off the cleaners and teaboy/girls – who earn K300.00 a forthright & struggle to put food on the table.
Thankyou NSCL/Nasfund management to make this possible.
will this be open to non members too??
Well done NCSl for another great mile stone achieved with more concerned on the members on a flexible condition at makes it even easier for accessing. The future is looking bright….thumbs up….I do support Mr Jerry’s statement, will be more better if NCSL set up a banking system for the interest of the minimum wage earners.
Thank you NCSL Board and management for delivering new products for ther members.
Thanks NCSL for such initiatives for someone like me with many kids who struggles daily and earn K250 per fortnightly for shool fees and other necessities, but what requirements and conditions would be needed for this wonderful SME opportunities for us?
The Prime Minister has a right vision with SME to improve economic stability in a respective communities for the first time of it’s kind. Real aspect of take back PNG.
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