Thursday, March 29, 2012

Women get new lending plans


THE NATIONAL Development Bank has launched two new loan products for women in business, The National reports.
NDB managing director Richard Maru launched the products on Tuesday evening at the close of the inaugural NDB Women in Business Summit in Port Moresby.
NDB managing director Richard Maru addressing an enthusiastic crowd of women at the Women in Business Summit at Holiday Inn on Monday.-Nationalpic by EKAR KEAPU

The women applauded the good news and praised Maru, his staff and the NDB board for the tremendous job done.
Both loan products have very low interest rates with terms of up to 20 years.
Maru said NDB research on women entrepreneurs found that high equity rates and short-term loans were some of the major challenges for women and the new products were aimed at mitigating these.
The first loan product is called “Start up NDB WIB Package” and the second one is known as “Grower NDB WIB Loan Package”.
Under the first loan package, women could get between K5,000 and K100,000 with 10% fixed interest rate and terms of two to 15 years.
The equity rate is now at 20% with security and 30% without security, where previously NDB required 40% equity requirement.
The “Grower NDB WIB Loan Package” has no limit on loan amount, with 20% equity required.
Maru said women without security should not worry because NDB would provide guarantee up to K100,000 through its guarantee scheme.
“Security will be a thing of the past, so ladies, there are no more excuses”, he said.
Maru said to qualify for the loan, women must show that they were sole owners of the business and not their husbands.
He said the new products catered for those who wanted to start new businesses, and those who were already into business and wished to expand.
Maru said research globally had shown that men gave 30% of their income to their families while women gave 80%, so it was appropriate to support women knowing that they would support their families.
Three women got their loans from NDB on Tuesday night under the new loan package.
Angela Korowa, a business woman from Western Highlands, was lost for words when her name was announced as a successful applicant for a loan of K56,000.
“Doing business is tough but now I know I can face the challenge with help from NDB,” she said.

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