SME

COVID-19 impact on Pacific SMEs severe, but with a glimmer of hope

A survey by Pacific Trade and Invest shows 90 percent of Pacific SMEs report a decline in revenue since the pandemic hit and 92 per cent believe COVID-19 has negatively influenced the economy.

The outbreak has severely affected the operations and profitability of their businesses.

Not only that, those employed by the SMEs have lost  jobs as they could not sustain the impact of the outbreak.

Travel bans and restrictions on gatherings have also affected businesses in PNG and the Pacific.

Women in Gazelle urged to take advantage of funding

He highlighted this during Monday’s presentation of an initial seed capital of K200,000 to East New Britain Savings and Loans Society (ENBSL) to empower local women’s SMEs.

Minister Wong presented the cheque payment to ENBSL’s member services and branch support officer, Shirley Kabavas.

Minister Wong said this funding will be parked at ENBSL and established women’s associations in the district’s five rural Local Level Governments can access this funding as loans with a loan repayment interest rate of only one percent (1%).

Excitement over StartupPNG convention growing

Two-hundred-and-eighty interested SMEs turned up at last week’s information night at the Kumul Foundation Inc PNG Startup Hub to listen to Foundation Chairman, Anthony Smaré, and entrepreneurship developer, Des Yaninen, talk about the benefits at the Convention. This includes the PitchFest where SMEs will be pitching to raise money.  

Hundreds of tickets have been taken up, and startups and other SMEs have signed on for SME stalls and promotion opportunities at the week-long event. 

Proposed SME centre at border

Minister for Inter-Government Relations, Kevin Isifu, says the SME facility will be established once land is identified.

The Minister responsible for the Wutung Border Post in West Sepik says an international bus service and terminal have also been proposed.

The SME facility will accommodate locals at the border to sell their goods to visiting Indonesians.

“We will properly identify the area that they (SMEs) can be able to do their marketing. So the SME business will be relocated as soon as we find the land,” Isifu said.

SME centre at Border

Minister for Inter-Governent Relations, Kevin Isifu, says the SME facility will be established once land is identified.

The minister responsible for the Wutung Border Post in West Sepik says an international bus service and terminal is also proposed.

The Minister said the SME sector will be established once a proper location is identified.

The SME Facility will accommodate locals at the border to sell their goods to visiting Indonesians.

Funding assistance for women vendors

He said his five-year development plan includes capturing the rollout of Small to Medium Enterprises for mothers for the electorate. This will be launched this month.

Kaupa said some of the electorate’s DSIP funds will be parked with the National Development Bank and mothers engaged in the informal sector will receive K5,000 funding for their businesses.

Kaupa told the women to register their businesses with Investment Promotion Authority and open an account with a commercial bank to receive funding assistance.

Artists need proper markets: Businesswoman

Despite their contribution to the SME sector, there are no proper markets and education pathways to support their trade.

These were highlighted by Katherine Johnston, owner of Gemini Jewelleries.

Kathy Johnston, 4th generation Papua New Guinean and owner of Gemini Jewelleries, said PNG artists and crafts men and women are gifted with talent and potential to contribute meaningfully to tourism and the economy, if supported well.

Johnston said more efforts are needed to develop a curriculum at the tertiary level for the arts and crafts trade.

VIDEO: Govt to stand by SME’s

Commerce and Industry Minister, Wera Mori, said this during the opening of the SME Corporation Expo in Port Moresby today.

Mori said the Government will ensure that SME's receive the support they need to prosper, especially in funding.

 

Cedric Patjole with more 

Govt supports BSP to roll out SME lending system

The software system is a product of cooperation between the Government, BSP and the World Bank through the International Finance Corporation.

Minister for Commerce and Industry, Wera Mori, presented the cheque to BSP CEO, Robin Fleming, today.

Minister Mori, said the PNG SME access to finance project through the ‘LendFast’ system, has been successful given the good response to the facility by the SME sector.

He commended BSP for the implementation of the system, providing loans to SME’s which in turn will boost the economy.

Sustaining their retirement pay

Provincial commerce advisor Didimas Epo said many public servants retire without proper knowledge of sustaining their retirement pay.

Therefore, he said the provincial administration, through its commerce division, wanted to create a pathway for its retiring public servants.

“From experience, we found out that a lot of public servants leave without being given a proper pathway and at the end, they find out that they lost all their money because of bad or poor investments,” he said