$2m in Nedco loans for Penal

The National Entrepreneurship Development Company Ltd (Nedco) plans to lend $2 million to  more than 100 small businessmen in Penal over the next six months. CEO Ramlochan Ragoonanan said the southern town has shown potential for growth and the agency is eager to make entrepreneurs out of as many young people as possible.

He said Nedco loans will be available to vendors, food caterers and small manufacturers. “We want to encourage people to start their own business. Loans would be from $1,000 to $500,000. We are also granting loans to taxi and maxi taxi owners, people in the Carnival industry and Cepep contractors.” Nedco recently opened its tenth branch at Bhupsingh Street, Penal.