SMEs

This agreement will enable TCF to provide credit guarantees to its SME clientele, fostering growth and stability within this sector.

TCF, a subsidiary of Teachers Savings and Loan Society Ltd., is actively expanding its services in the micro and SME lending markets.

The OTDF and CEFI yesterday (Tuesday 12th March) entered into a Memorandum of Understanding (MoU). The program is aimed at empowering small and medium enterprises (SMEs) and women-led SMEs in selected regions of the Western Province.

“This kind of innovation will be groundbreaking for businesses in PNG,” Kina Chief Transformation Officer, Ivan Vidovich, said.

Through a collaboration with global fintech, Xero, Kina has developed and launched its new platform, Kina Xero Bank Feed, which is a cloud-based software that provides online tools to manage everyday business needs.

A struggling small business owner, Glenda Supring, revived her failed stationery supply business after she applied for a short course award under Australia Awards PNG.

Supring’s business was quashed, but her dreams were not.

While studying a Certificate IV in Entrepreneurship and New Venture Creation, Supring met an unlikely business partner, Colleen Kivia Kumbure, and together they formed Giico Stevedoring (Giico).

Present for the commissioning of the maintenance and rehabilitation program was the Australian Deputy Head of Mission Dr Joanne Loundes, Oro Governor Gary Juffa, PNG Port Corporation Limited (PNGPCL) Board Chairman Kepas Wali, PNGPCL Managing Director Fego Kiniafa, Acting Managing Director of Kumul Consolidated Holdings (KCH) David Kavanamur and Ijivitari MP Richard Masere.

Earlier this week, the Office of Trade and Commerce Industry in partnership with the office of Talasea district presented more than 30 certificates to the farmers. 

More than 50 percent of the cooperative societies are focused on cocoa, while the other half are facilitating taro, fish, poultry and forestry. 

Member for Talasea, Francis Galia Maneke urged them to be committed and deliver the Corporative Society successfully. 

Prime Minister James Marape made these remarks when providing an update on the Government’s efforts in improving the Law & Justice sector in the country. 
He was speaking to the PNG business community on Tuesday during a breakfast meeting in Port Moresby jointly organised by the PNG and the Port Moresby Chambers of Commerce and Industry.

However, a lack of insurance awareness amongst business owners, and the condition of some businesses (insurability) are hampering the speed at which insurance take up is happening amongst this market segment.

The majority of the respondents from 12 of the leading insurance providers in the region recently surveyed by the Pacific Financial Inclusion Programme (PFIP) say that while SME’s make up a very important part of Pacific economies, insurance providers are still working out how to best capitalise on the opportunity that SMEs present.

Speaking at the 2016 Leaders Summit recently in Port Moresby, O’Neill said: “The same encouragement we give to our big investors – must be extended to small and medium enterprises in our country.

“We are needing to adjust how Government does business, the world is becoming very competitive. Time and time again, our country has been riding the boom and bust cycle of the resources sector.

“We are not learning the lesson,” he said.

O’Neill told the leaders to expand the sectors of their economy and must do so now so that the foundations of our economy are sound.