NDB allots K10mil for agro-lending in Madang

Business, Normal

The National- Tuesday, January 25, 2011


NATIONAL Development Bank’s Madang branch is making K10 million available for loan this year to rural entrepreneurs, branch manager Maryanne Uraiwa said.

She said the increased opportunity is based on last year’s successful return of more than  K5 million in loan provided by the branch to small business men and women and especially community-based organisations (CBO) for their rural projects.

“Business is booming in rural Madang … people are hungry for such service. 

“People want to do small business but capital is a problem … this is where we are able to help,” Uraiwa said.

She added that most applications received for loans were for income- generating projects like cocoa, piggery, poultry, fishery, baking and sewing.

“This year, we will be reaching out to especially the people of Bogia, Usino-Bundi and Middle Ramu,” Uraiwa said.

In outlining NDB’s plans for Madang, Uraiwa said by first quarter, the branch would  meet  with the people of Usino-Bundi who are at present getting themselves organised.

For Bogia, the branch was looking at providing K50,000 to 50 small holders.

She added that for Middle Ramu, the branch was working closely with Middle Ramu member and Minister for Fisheries Ben Semri on setting up a NDB officer on site to assist the people of Middle Ramu.

“Because of increased development in mining, we have so many interested local groups needing assisting with new lending to start off their spin-off businesses. 

“Under our micro-finance product, we lend to individuals a minimum of K1,000 in which 30% or K300 is paid by the client as security. 

“Seventy percent of our lending is at risk but we have to deliver this service.

“Our interest is to help the people of PNG prosper in business,” she added.

Since the branch’s establishment, NDB Madang has successfully assisted more than 63 clients prosper in business, many of which have set up shops and businesses in Madang town.