DILI, 22 April 2022, (TATOLI)– The Minister of Trade and Tourism Industry (MTCI), revealed that the remaining budget for guaranteeing social business loans at the National Bank and Commerce of Timor-Leste (BNCTL) will be benefited by around 55 individuals and group of business or others are in the planning stages of starting their businesses.
According to the Deputy Minister, the Soft Credit program was financed by UNDP and MTCI with a total of 900 funds from MTCI and 480,000 from UNDP.
“There are still 1,380,330 funds available at BNCTL for Timorese entrepreneurs to access. Soft credit has been given to everyone with every small and medium-sized company for $1000 to 25,000 USD, this includes their business plans,” Deputy Minister of Trade and Tourism Industry (MTCI), Domingos Antunes told Tatoli at his office,Fomentu this Frida.
Deputy Minister Antunes explained the President of the Republic has issued law No. 8/2022, which focuses on guaranteeing small repayments in soft loans.
“This program has been running since 2022 and business applicant continue to apply for credit loans, now MTCI continues to provide opportunities for people who run their business activities.”
According to Antunes, the national department of supporting small and medium-sized credit development for entrepreneurs has registered 11 applicants from January to April.
He stressed that a strong recommendation is for Timorese entrepreneurs working in agriculture, tourism, fisheries, veterinary medicine, industry, and trade to create more job options in Timor-Leste.
Application criteria:
-Opportunities offered to micro, small and medium enterprises, start-up companies, and others who are in the planning stage to start their business.
-The form of business must be legalized and registered in Entrepreneur Verification Development (SERVE, I.P).
-Required an Identity Card and formal legislation.
-Use formal closed letters including business plans. -Entrepreneurial certificate on the consolation form from IADE
– Land certificates, as collateral assets.
Journalist: José Belarmino De Sa
Editor: Nelia Borges
