Three SMEs first to get loans from credit facility

By DALE LUMA
TWO public transport operators and a trade store owner are the first to get loans from the National Development Bank’s (NDB) K80 million government guaranteed micro small medium enterprise credit facility.
Bus operator Teng Wendun who obtained a loan to re-fleet his business said the price of a bus has risen to almost K200,000, and the loan will help him get new buses.
Delly Olg, also a bus operator said the 4 per cent interest which she will repay her loan on was low. She thanked Prime Minister James Marape and the NDB for the credit facility.
David Kavo, who has been operating a store for 10 years, will use the money to buy a new truck.
The NDB has four loan schemes under the credit facility: small business, women in business, Bougainville, and agriculture loans. All are at a four cent interest rate.
Loans range from K5,000 to a maximum of K500,000.
Requirements includes an Investment Promotion Authority business certificate, an Internal Revenue Commission TIN, and financial statements.
NDB chairman Micheal Mell said those who had no documents could still access the facility with their business proposal to be assessed by the bank.