WOMEN and youth within Lae city urban council (LCUC) have access to secure mini loans from the Nationwide Micro Bank for small scale projects to sustain and improve their livelihood.
Nationwide Micro Bank Lae branch manager Chris Mota and colleague, Taituku Simeon, signed an MoU with the Lae city’s Lord Mayor, James Khay, and commercial manager Jacob Sawanga at the council chamber yesterday.
The council put up K150,000 as seed money into the bank for women and youth to access “within strict set criteria”.
“The scheme is affordable and accessible. But repayment becomes a real burden to many.”
“I discourage the culture of ‘kisim na putim long lus tingting akaunt’,” Mr Khay said of borrowers defaulting.
“It will make an immense impact to everyone’s living standard when the borrowers are faithful and committed to repay the loans,” Mr Mota added.
“The loan repayment will take a minimum of three and maximum of 12 months, depending on the amount borrowed.”
An interest of 3% will be added onto the principal cash to be repaid.