Pay It Forward Loan Opportunity

Pay It Forward funding opportunity for PNG women owned and operated businesses in Artisan, Agriculture and Tourism.

The Papua New Guinea Women’s Business Resource Center (PNGWBRC) are pleased to announce a unique funding opportunity for women owned and operated micro and small business enterprises in Papua New Guinea (PNG). This is being made available via funding from the Australian Government through the 'Australia PNG Partnership and the Centre for International Private Enterprise (CIPE) PNG office.

 

This funding opportunity will provide 25 successful PNG women owned and operated MSMEs with a loan of up to PGK 7000 (approximately $2000 USD) through a Pay It Forward Loan product. 

This is a new and innovative model that is being successfully implemented in other emerging markets. The Pay It Forward (PIF) loan will be an opportunity for PNG women entrepreneurs who have been adversely affected by the global pandemic to access monetary support provided through the PNGWBRC.

 

Successful loan recipients are required to 'pay forward' the value of their loan over the period of four (4) months, both financial and 'in-kind', providing support to women entrepreneurs and start-up businesses in PNG. The loan recipients are promoting women's economic empowerment to strengthen their families and contribute to the development of their respective communities, ultimately supporting the growth of the PNG economy. 

 

To be eligible you must meet the following criteria: 

  1. Must be a woman entrepreneur

  2. Must be an owner or manager for a business in one of the following industries:

  • i) the artisan, 

  • ii) cultural, 

  • iii) agricultural, or 

  • iv) tourism & hospitality sector 

  1. Must show that business was affected by the impact of COVID-19

  2. Be a group or individual acting for the wider benefit of the women business community (can be formal or informal) i.e. Social impact business.

  3. Have a genuine or critical business need for financial support and be able to explain how they plan to use the grant.

  4. Be locally owned and operated in Papua New Guinea.

  5. Be willing to share sensitive information pertinent to the business operations to support the application process. (all information will be kept confidential)

  6. Be willing to pay it forward toward women’s economic empowerment.

  7. Explain how they will 'Pay it forward' either in cash or in kind.

  8. Have been in operation for at least two years.

  9. Have a bank account in their name (personal name or company name)

  10. Have valid government-issued identification documents (ID Card/ license/ NID Card/ passport)

 

Due Date: All applications must be received by the closing date of Friday 26 August, 2022 by 5pm.

For further information please send an email to pif.pngwbrc@gmail.com with subject: PIF loan Inquiry .