Liberia : Finalizing US$1M Loan for Small Businesses

Min. Wilson Tarpeh addresses the media at the commerce ministry . Photo : RR

NEWSROOM (ADV) -The Minister of Commerce and Industry, Wilson Tarpeh says the ministry in collaboration with the Liberia Bank for Development and Investment (LBDI) is to finalize all necessary requirements for the US$1 million loan for small businesses across the country.

Mr. Tarpeh made the disclosure at the Commerce Ministry in Monrovia. “We want to be able to give US$1,000, US$2,000, and up to US$3,000 to petty traders with a minimum interest rate of 8 percent, while other banks and loan institutions give the interest rate of around 12 to 14 percent to businesses,” the Minister said.

According to him, the initiative aims to empower Liberian small businesses amid some of the challenges affecting them, including access to finance.

Mr. Tarpeh said President George Weah is more concerned about empowering Liberian small businesses, an initiative that all lieutenants of the President are committed to supporting.

“This money will not be for only Monrovia-based businesses. We will ensure that businesses in the rural areas also get access to the loan. There will a complete publicity about the loan that will enable businesses across the country to apply for it as well” Mr. Tarpeh indicated.

Commenting on the recent requests made by petroleum traders for the increment of petroleum products, Mr. Tarpeh said the ministry and along with the Liberia Petroleum Refining Company (LPRC) were pleased with the level of the negotiation.

“We are a responsible government and deem it necessary to sit on the table to discuss this important issue affecting this sector. Now, a petroleum retail price for a gallon of gasoline has increased from US$3.55 or its Liberian dollar equivalent of LD$540 to US$3.70 or its Liberian equivalent of LD580, while the retail pump price for a gallon of diesel fuel has also increased from US$3.70 or its Liberian dollar equivalent of $560 to US$3.95 or its Liberian dollar equivalent of LD615,” he said.

© Bur-csa – A.H / Oumaima Mourtada – African Daily Voice (ADV)