The National, Wednesday, May 25, 2011
THE National Development Bank, through its micro finance scheme, has brought smiles to the faces of Gabensis villagers in Huon Gulf district, Morobe province, by giving them the opportunity to borrow money for small home-based businesses.
The villagers sang and danced as NDB Mamose regional manager Titus Wrakonei and senior loans officer Rosemary Malara went to their village yesterday to deliver K29,000 repeat loan money to 24 of the 32 members of Wanam community-based organisation (CBO) group.
Wrakonei said the group was the first in Huon district and province to pay back their first loan ahead of time.
He said that made it easier for a repeat loan.
Wanam CBO is a group of men and women who are involved in small informal sector activities like selling betel nuts and cigarettes, village-based poultry farming, selling basic food items and groceries through “table market” (roadside trading) and other activities.
The group started with 11 men and women from the sector late last year but were repeatedly turned away by banks and other financial institutions when seeking loans.
Wanam group chairman Abal Tosh said they later sought help from NDB which approved their first loan of K18,000 in January.