Finance remains a setback for small business startups. SME Corporation (SMEC) shared that this is one issue they have seen all around the country and are encouraging people to not look at free government hand-outs.
SMEC Director Diana Guria, encouraged local villagers of Polenomu and Diri Komana villages located in the Rigo North LLG District to look for alternate ways to source funding and start their businesses instead of waiting for the government.
Guria said this during the graduation of more than 60 people who took part in a two-week Start and Improve Your Business (SIYB) training.
“Inland Rigo you have an opportunity to do fish farming and we have another program called ‘Know about Business in Fisheries’. This is mostly in school programs where we support students in TVET schools and National Fisheries steps in to support. You may grow other commodities and fish is another opportunity, by creating a fish pond here. This is a business opportunity and think about it so we can give the support,” said Guria.
Guria shared an encouraging story with the participants of a man who started his business with K3.60 and now has a business called 3.60 Limited with a service station. He began selling flour balls in the streets and eventually went further to establish himself.
“A lot of SMEs don’t succeed over three years because we mix the money up, the money we use for business is used for personal things,” she concluded.