SME owners will get access to K200mil, PM says

Business

PRIME Minister James Marape says people operating businesses in all sectors will qualify to get loans from the K200 million to be parked in the Bank South Pacific (BSP) and the National Development Bank (NDB).
Marape said the Government would ensure easy access to the credit facility.
BSP is expected to get K100 million and NDB K80 million next week.
“When we increase the base of commerce and businesses, a lot of people will pay taxes, whether GST, company tax or personal income tax,” Marape said.
“Instead of a grant, we are putting it in the banks to be given out as soft loans. Districts can also partner in the scheme.
“Existing businesses who are struggling through these tough times (because of the) Covid-19 need a breathing space.
“BSP has agreed on an interest rate of 5 per cent over 15 years.
“NDB has agreed on 4 per cent for 20 years.”
Marape said the Government was now considering what was happening at NDB to ensure funding interventions were spread fairly and not by the “wantok system and cronyism”.
“We want to spread the love as much as possible to (more) Papua New Guineans instead of selected Papua New Guineans.”

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