About
SME Corporation's Mandate
SMEs plays a critical role in the social and economic development of any economy. SME development in Papua New Guinea (PNG) has been without proper planning and support in the last 46 years. SME Corporation is mandated by Parliament through the SME Corporation Act 2014 to develop key interventions for targeted, systemic, holistic and sustainable SME development in PNG. SME Corporation ensures that key programs and projects are designed to formalize the informal sector to develop a thriving, competitive and sustainable private sector. The Small and Medium Enterprises Corporation was formerly known as the Small Business Development Corporation (SBDC) until is transitioned to Small and Medium Enterprise Corporation (SME Corporation) in 2014.
Unlike SBDC, the SME Corporation has broader Functional Responsibilities to drive the sector through implementation of the SME Policy 2016 and SME Master Plan 2016-2030.
What we do
Advisory Services
Business Advisory
Entrepreneurship training and Capacity Building for potential, aspiring and existing MSMEs is one of the key priorities stipulated in the MSME Policy and MSME MTDP 2022-2026 (NEC Decision No: 27/2022).
The lack of business knowledge, skills and attitude with lacking entrepreneurship mindset to indulge in the MSME sector by citizens are enormous challenges and to mitigate these challenges and move the sector forward.
Financial Advisory
SME Corporation through its SME Growth and Development Division is responsible for implementing the programs and projects that will support the growth and development of MSMEs in PNG. Some special projects include ...
Business Incubation Centers, and Women in Entrepreneurship Centre.
MSMEs who passed out from our SIYB Entrepreneurship Training are assisted with financial advisory services. This includes the following:
1. Cash Flow Plan
2. Business Plan
3. Business Proposal
4. Assess to Finance
5. Business Formalisation.
SME Corporation is the only mandated..
Business Formalization Advisory
The Management of SME Corporation is encouraging all MSMEs who have received the Start and Improve Your Business (SIYB) Entrepreneurship Training to formalize their business when they
are ready. Under the wisdom of the Managing Director, SME Corporation parked aside K100,000 to subsidize 75% of the cost for business formalization for our SIYB Entrepreneurship Training program.
The business formalisation process is as follows:
1. Register your business name with Investment Promotion Authority (IPA)
2. Get Tax Identification Number (TIN) from Internal Revenue Commision (IRC)
3. Compile Business Profile
4. Open Business Account with the bank of your choice.
SME Corporation is always ready to assist any MSME who is willing to register business.Â
MSME Capacity Building
Start Your Business (SYB) Training
Entrepreneurship training and Capacity Building for potential, aspiring and existing MSMEs is one of the key priorities stipulated in the MSME Policy and MSME MTDP 2022-2026 (NEC Decision No: 27/2022).
The lack of business knowledge, skills and attitude with lacking entrepreneurship mindset to indulge in the MSME sector by citizens are enormous challenges and to mitigate these challenges and move the sector forward.
Improve Your Business (IYB) Training
SME Corporation through its SME Growth and Development Division is responsible for implementing the programs and projects that will ...
The lack of business knowledge, skills and attitude with lacking entrepreneurship mindset to indulge in the MSME sector by citizens are enormous challenges and to mitigate these challenges and move the sector forward.
Expand Your Business (EYB) Training
The Management of SME Corporation is encouraging all MSMEs who have received the Start and Improve Your Business (SIYB)
The lack of business knowledge, skills and attitude with lacking entrepreneurship mindset to indulge in the MSME sector by citizens are enormous challenges and to mitigate these challenges and move the sector forward.
Case Study
SME Corporation is the implementing agency under the Ministry of Commerce and Industry.
We help MSMEs to Identify their strengths, formulate a smart business idea, start their business, manage and grow their business.
How we helped?
Nelson Sun of Kaleta, Mul Baiyer-Lumesa district, whp
