Local turns K1,000 loan into major business

A local businessman in Madang has been celebrated as a success story of the National Development Bank’s Small and Medium Enterprise (SME) loan scheme.

This is after he turned a K1,000 loan into a business estimated to be worth around K500,000.

On Friday, Collins Yapen and his partner Elvi opened their first trade store in the presence of the National Planning and Monitoring Minister.

Locals in Sungilbar LLG of Sumkar District witnessed the opening of a new trade store owned by their very own kin.

It was a momentous occasion as Minster for National Planning and Monitoring, Richard Maru, made time available to officiate at the event.

During the formalities, local leaders congratulated Collins and his family and urged Sungilbar locals to follow in his path.

“Yumi ol narapla tu yumi ken kisim wankain rot na kamap wankain mak tu. Yu tuhat bai yu lukim kaikai bilong tuhat bilong yu,” said Sungilbar LLG vice president, Willie Banick.

Yapen and his partner began their entrepreneurial journey in 2009 when he acquired a K1,000 loan from the NDB to begin a chicken and poultry business. He now owns a trade store and two trucks worth an estimated K500,000.

But he said the journey took a lot of sacrifice to get them to where they are today.

“We did not attend a business school but because of NDB’s program, we learnt how to do business,” Yapen said.

Minister Maru said Yapen’s success is what he and the Government want to see; more successful PNG SMEs.

Maru said they plan to support more Papua New Guinean entrepreneurs within the next 12 years.

He then officially opened the trade store bearing the initials of Collins and Elvi.

Author: 
Cedric Patjole