A funding of K237,201 has already been disbursed for tertiary students applying for loans through the Gazelle District school fee loan scheme.
Member for Gazelle and Health Minister, Jelta Wong, said the school fee grant of K300,000 was presented and received by the East New Britain Savings and Loans Society on 24th September, 2019.
ENBSL is managing this funding following the signing of a memorandum of understanding between the Gazelle District and ENBSL last year.
The Gazelle District Development Authority board had approved the school fee grant of K300,000 that students can access; loans and repayment rates are only one percent.
Minister Wong, when receiving an update from ENBSL Finance team this week, said ENBSL’s lending unit received 128 loan applications for assessment and deliberation.
“From the 128 loan applications, 68 applications amounting to K237,201 have been approved and released to respective institutions for clients in the five LLGs in Gazelle district,” Wong said.
Only 26 applications did not comply with the society’s lending terms and conditions and thus, were rejected.
There is now a balance of K62,799 which is not sufficient to cater for the remaining 34 loan applications amounting to K102,120. A submission is being prepared to the Gazelle DDA board to approve funding to cover the remaining applications.
Minister Wong said the average loan amount as per the 68 approved loan applications was K3,500.
“The five LLGs in Gazelle received K60,000 each. Central Gazelle had 15 applications amounting to K58,929, Inland Baining with 13 applications amounting to K38,881, Lassul-Baining with eight applications amounting to K21,696, Livuan-Reimber with 15 applications amounting to K50,576 and Tomadir 17 applications amounting to K67,119. All LLGs received their share according to the respective applications,” Minister Wong stated.
He said lessons learnt from the rollout of the K300,000 will be taken on to further improve the program for next year.
(The signing in September 2019)