Corporation designs start-up kits to boost small businesses

THE Small and Medium Enterprises Corporation (SMEC) has designed a business creation concept to boost business start-ups for micro, small and medium enterprise (MSME).

Among key reforms and initiatives SMEC is undertaking, the Invest and Grow Money Plan, a business start-up concept is currently being piloted in National Capital District (NCD).

 It is one of the key steps towards bridging the informal sector through a step-by-step approach from entrepreneurship training to business start-ups to formalisation to accessing banking services.

Banking the unbanked through business creation concept is the key pillar of the Invest and Grow Money Plan initiated by SMEC targeting the under-privileged women who reside in the settlements and struggle to create income generating opportunities on daily-basis.

The concept basically empowers the participation of women in the MSME space by creating women owned enterprises so that they can fulfil their goals and aspirations by becoming successful entrepreneurs through ideal business

setups.

The program commenced in November, 2024 with the mobilisation and formation of groups from six different churches in NCD. A total of 230 participants (13 men and 217 women) were enrolled under the first batch.

The 230 participants were put through the 10 days Start Your Business training and got certified by SMEC upon completion.

Out of 230 participants who enrolled, 212 successfully opened their individual passbook accounts. One or two passed on while others pulled out due to other personal commitments.

The 212 participants have benefited from the partnership between SMEC and the Women’s Micro Bank.

Two hundred members (200) have obtained K500 loan each from the K100,000 that SME Corporation has set aside at the Women’s Micro Bank for business start-ups.

As part of the partnership, the Women’s Micro Bank also assisted the other 12 members with K500 each as loans.

In total K106,000.00 was paid by the bank to two hundred and twelve members (212) under SME Corporation’s Invest and Grow Money Plan.

The loans will be repaid at the end of the sixteenth week of the start-up phase.

The principle recouped will be reused to fund the second and third batches simultaneously under the revolving fund concept.

The 16-week intensive business start-up phase commenced on the 9 June and will end on the 10 October, 2025.

Statistics on business start-ups and other related details will be collected and compiled after the first and second follow-up assessment is carried out in weeks 8 and 16 respectively.

During the sixteen weeks start-up phase members are expected to start-up any micro to small business activities of their interest.

They are also encouraged to make regular deposits into their passbook accounts after every sale.

Kirapim Bisnis – Kirapim Sindaun na Kirapim Kantri is the core focus of the Invest and Grow Money Concept which is part of the Start and Improve Your Business (SIYB) Program.

The Start and Improve Your Business (SIYB) Program has been the pillar in building the capacities of the potential, aspiring and existing entrepreneurs since its inception in 1996 in PNG.