Sohe women can start small business

 WOMEN in Sohe district of Northern will participate in small scale commercial and agricultural activities, thanks to an initiative established between the Sohe District Development Authority (SDDA) and the National Development Bank (NDB).

Local MP Delilah Gore and NDB managing director Moses Liu signed a memorandum of agreement relating to the Sohe district women in business credit scheme. 

Gore committed K500,000 from the District Services Improvement Programme funds to be used as seed capital for the credit scheme. As per the MOA, the bank will maintain its fixed and flat interest rate of 6.5 per cent and provide minimum loans under the scheme of K1000 to a maximum of K5000 for new starters either business groups or individual borrowers. 

For existing clients, the minimum loans would start at K5001 to a maximum of K10,000. 

Applications for amounts more than K10,000 would be considered under the discretion of the local MP. 

Liu said the credit scheme would do away with the “free handout”.