By: Anel Philimon
Director
(RMI SBDC)
Mr. Randy Ebot has been thinking of going into the world of business for a long time but times were not permitted until January 2, 2013 when he had his initial visit to the center to obtain proper information on small business start-up procedures and requirements. His idea is to buy copra from the makers from all parts of Ailinglaplap Atoll and sell them to the Tobolar Copra Processing Plant located here in Majuro the Capital City of the Marshall Islands. Mr. Ebot has already built a warehouse which will be used for storing all the copra that he will collect and buy from the people of the entire atoll. All of the copra that he collects and buys will be shipped to Majuro on regular field trip ships going to Ailinglaplap.
Mr. Ebot stated that all outer islands copra makers including those from Ailinglaplap Atoll are encountering common difficulties in purchasing their daily needed items with cash since the only times they receive cash are when the government and private vessels make their regular routine visits to each of the islands which happens about three times a year. It is very difficult for the outer island business owners to continue allowing their customers to get their immediate needs on credit and not by cash because it affects the steady grow and improvement of their businesses. Because of these constraints, Mr. Ebot decided to open up a Copra Trading Company to help solve the on-going problems affecting the lives of the businesses in his home atoll of Ailinglaplap.
Mr. Ebot submitted his business proposal to the Bank of Marshall Islands and as the bank officials realized that the people of Ailinglaplap Atoll will benefit from the services of the company, they did not take much time for reviewing, but to put a stamp of approval on it immediately. Now the copra makers can exchange their products (copra) for cash and use the cash to purchase their family needs on a daily basis which is more appropriate and convenient for both the makers and the business as well.
Mr. Ebot stated that he wouldn’t want to conclude his statement without expressing his sincere appreciation to BOMI’s President and CEO and his Micro Loan Program officials for making steady growth and economic development in the Republic by considering, reviewing, and approving a lot of small business loans. Mr. Ebot would like to encourage both start up and existing business owners to start visiting the RMI SBDC at the Ministry of Resources and Development to obtain and utilize the valuable services it offers for people to get proper understanding on how to prepare a complete business proposal as well as to operate and manage a business to become successful.
Both the RMI SBDC at the Ministry of Resources and Development and BOMI would like to congratulate Mr. Ebot for being the first person ever to start up a Copra Trading Company in Ailinglaplap and to wish him luck in his business endeavors.
To learn more about the RMI SBDC’s programs and services call (692)625-3685 or visit website www.pacificsbdc.com.
