The above scheme is now available to those involved in the Tourism Industry and are interested in starting, expanding or improving small to medium scale Tourism Business.
The preliminary requirements are as follows;
1. Market: Project must be accessible to an established market or must provide evidence of market access.
2. Access: Project must be easily accessible by The Target Customers the staff of TPA and NDB for monitoring purposes.
3. Equity: 30% Equity in Cash or Kind towards the total project cost.
4. Eligibility Requirements:
a. Applicants Eligibility
i. PNG Citizen and Registered Entity
ii. Between the ages of 18 to 55 years and in good health.
iii. Demonstrated capabilities in acceptable TPA marketing advice and techniques.
iv. Demonstrated acceptable borrowing records.
v. Member of the PNG Tourism Industry Association.
vi. Have no Criminal Records.
b. Security Requirements
i. Guarantee from persons of financial standing if available may be required.
ii. Registered Bill of Sale to be taken over the materials, equipments etc to be purchased under the loan.
iii. Irrevocable Authority, if applicable.
iv. Clan Land Usage Agreement.
v. Any other tangible security deemed acceptable.
5. Product Features
a. Interest rate of 10% per annum.
b. Term of Loan (depending on amount to be borrowed):
i. Minimum: 6 months
ii. Maximum: 7 years
c. Grace Period – up to maximum of 6 months for startups while existing operations will start repaying a month after disbursement.
d. Loan amount:
i. Minimum: K1, 000.00
ii. Maximum: K200, 000.00
iii. Any amounts beyond K200, 000.00 to be subject to confirmation between NDB and TPA.
e. Eligible Expenditure
i. Development Cost of eco-tourism
ii. Materials & Equipment
iii. Construction Labour
iv. Initial Operating Capital
f. Fees: Loan application fee of K50.00 minimum or 1% of the loan amount, which ever is greater, will apply. This fee is non refundable.
For more information please contact Mr. Wilfred Begari on t/phone 3247517 or email: wbegari@devbank.com.pg at Head Office, National Development Bank, Waigani, NCD.
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