Wewak launches loans for SMEs

Business, Normal

The National, Tuesday October 29th, 2013


WEWAK Island local level government (LLG) president Pius Bugatar has embarked on developing the financial capability of his people as a means to doing away with government handouts.

Bugatar said his LLG would be the first in East Sepik to launch the small-to-medium enterprise (SME) programme by getting the first 1,000 people to secure loans from the National Development Bank (NDB) to start up businesses.

“The LLG will pay the 20% equity for successful applicants, who have business registration certificates from Investment Promotion Authority,” he said.

“I believe when everyone has money, we can hosts festivals and bring in other development instead of waiting for government assistance.” 

Bugatar said at the opening of the Monup cultural festival on Kairiru Island last Friday that under this arrangement, people would be allowed to borrow between K1,000 and K5,000 from the NDB, while the 20% equity would be paid by the LLG.

“My priority is to see that we develop the tourism and fishery sectors so that we make enough money to sustain our living,” he said.

“Leave education, health and other infrastructure development to the National Government, who has funds for these programmes.”