The National Development Bank of Papua New Guinea, has established a microfinance loan facility, to serve the needs of individuals involved in small to medium enterprises.
NDB has taken a step into local communities, to assist individuals and groups to acquire loans ranging from K500 to K5,000, to build businesses.
Awareness on the objectives and requirements in applying for the microfinance was undertaken today by a loans officer from the National Development Bank in Lae.
This group of women from the Sepik Meri Self Reliance organisation, in Lae, were present at the awareness program.
The microfinance loan, launched in 2007, is a small loan given to individuals who cannot borrow from other financial institutions.
NDB’s microfinance loans officer based in Lae, Stanley Steven, says the loan is to assist vendors with existing small businesses.
There are two requirements requested by NDB, to those who wish to apply for the loan. One of the requirements is to be a permanent resident of a community and to have an existing business.
The women are encouraged to organise their groups, in order to acquire the micro-finance loan.
Previously known as the Rural Development Bank, the National Development Bank is the development finance institution of Papua New Guinea.
It is owned by the Independent Public Business Corporation as Trustee for the State and people of Papua New Guinea.
NDB’s primary function is to provide accessible development credit to citizens to engage in income generation.