Papua New Guinea (PNG) has recognised the crucial role of women in driving economic development and has taken steps to support and empower them through various initiatives. One of the key vehicles for this support is the National Development Bank (NDB).
Established as the government's vehicle to create wealth and empower local businesses, the NDB has a specific program called the "Women in Business Desk," aimed at assisting Papua New Guinean women in their entrepreneurial endeavours.
Why is it Important for Women to be Involved in Business?
Before we take a look at what help is available for women in business in PNG, let's look at why women in PNG need to venture into business and tap into the help available.
The PNG government recognises the vital role of women in economic development. Women need to be involved in business because their participation brings numerous benefits.
Women's inclusion enhances diversity and creativity in the business landscape, leading to innovative solutions and increased competitiveness. By empowering women in business, economies can tap into a larger talent pool, driving growth and prosperity.
Moreover, women's economic involvement leads to better livelihoods for families and communities, contributing to poverty reduction. When women succeed in business, they become influential role models, inspiring future generations of female entrepreneurs and fostering a more equitable society.
Ultimately, women's participation in business is a catalyst for sustainable and inclusive development.
Read about the success of women in business in this article.
Background of the National Development Bank (NDB)
The National Development Bank was established with a two-fold objective. First, to align itself with the National Government's 2050 Vision under the "Wealth Creation Pillar," and second, to develop a platform for the economic empowerment of women in PNG.
The NDB Women in Business Desk was established in October 2010 to facilitate this vision and support women in various aspects of business.
Are Women Successful in Business in PNG?
Women in PNG have historically faced marginalisation and restrictions in contributing significantly to various spheres of life. However, recent trends, both globally and locally, have shown that women are becoming increasingly active in pursuing entrepreneurial ventures, seeking financial independence, and driving empowerment agendas.
Recognising this potential, the NDB's Women in Business Desk was created to provide targeted support and assistance to women entrepreneurs.
The Impact of the Women in Business Desk
The Women in Business Desk has demonstrated its effectiveness in supporting women entrepreneurs in PNG.
Within just 12 months of its establishment, the NDB witnessed an impressive 1000% growth in loans granted to women in the formal business sector. This growth indicates the significant role women are playing in contributing to PNG's economic development.
How to Access NDB's Women in Business Services
Accessing the NDB's Women in Business services is relatively straightforward. Interested women entrepreneurs need to contact the nearest NDB branch in their location and get in touch with the Women in Business representative.
The NDB offers two types of loan packages tailored to meet the specific needs of women-owned and managed businesses.
1. Start-Up Loan Packages:
- Loan Amount: K5,000 to K100,000
- Interest Rate: 6.5%
- Equity: 30% (Cash Only)
- Guarantee: K100,000 (secured under the NDB Credit Guarantee Scheme)
- Term: 2-15 years
- Qualification: Only women-owned and managed businesses
- Ages Range: 18-55 years
- Support: Dedicated Women in Business officers, fast approvals, business training/seminars, mentoring, networking, clubs, awards, and incentive programs.
2. Grower Loan Package:
- Loan Amount: K100,000+
- Interest Rate: 6.5%
- Equity: 30% - Pure Historical/Historical & Cash Equity
- Security: Fully secured loans only or up to K100,000 to meet security shortfall.
- Term: 2-20 years
- Qualification: Only women-owned and managed businesses
- Ages Range: 18-55 years
- Support: Dedicated Women in Business officers, fast approvals, business training/seminars, mentoring, networking, clubs, awards, and incentive programs.
PNG Government Help: National Development Bank's Women in Business Desk
The National Development Bank's Women in Business Desk is a commendable initiative by the PNG Government to empower women in business and promote gender equality in economic development.
Through accessible loan packages and comprehensive support programs, the NDB encourages women entrepreneurs to pursue their business aspirations, contribute to their families' well-being, and drive PNG's economic growth.
As the program continues to evolve and expand, it is likely to play a significant role in fostering a more inclusive and prosperous business landscape for women in Papua New Guinea.
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