NDB micro-finance scheme boosts small businesses in Kokopo

THIRTEEN small community-based groups in Kokopo district, East New Britain, have benefited from the National Development Bank’s (NDB) micro finance scheme.
The scheme includes small business activities like poultry, small holder plantations and fisheries projects that had given out loans since the inception of the scheme in June.
NDB ENB branch manager Paul Viritia said more than K60,000 worth of loan applications had been approved and processed by the bank over the last six months.
Viritia also explained that NDB had extended its criteria of approving loans to also cover loan applications for small business activities besides agriculture projects.
The total portfolio NDB had committed for loan payments since the inception of the micro finance scheme in 2008 had accumulated to the amount of K3.8 million.
The bank is also conducting awareness to Gazelle and Rabaul and plans to extend the scheme.
Viritia said the bank had also been promoting another scheme to women’s groups who intend to start up small tailoring, handcrafts and fabric spray painting businesses.
The scheme is known as the “Women in textile credit scheme” and the bank had begun its campaign to attract women to be involved in sewing clothes, laplaps and fabric spray painting.
Viritia added that the bank had made available a total finance package of K2 million that could be loaned to women’s groups in the province.
Awareness of the scheme has begun in the Gazelle district where he held discussions with the Gazelle district commerce division and women representatives.
The credit scheme Viritia said was set to be launched in Kokopo on Friday.