"Growing MSMEs is Growing PNG!"
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“Empowering Your Business with Clear Financial Pathways”
How we can help
MSME Growth & Development
SME Corporation (SMEC) is responsible for implementing the programs and projects they will support the growth and development of MSMEs in PNG. SMEC is responsible for developing the ecosystems for MSMEs to thrive and grow. Its initial role used to center around the Financial Incentive Scheme program or Small Business Credit Guarantee Scheme which was aimed at addressing access to finance constraint faced by SMEs. Below are the primary MSME Growth & Development responsibilities SMEC is providing:
- Coordinate the overall implementation of the MSME Policy 2022 and the MSME Medium Term Development Plan 2022 -2026 through integration and alignment with other government agencies, including Provincial and Local Level Government to promote the growth and development of MSMEs.
- Establish and implement programs to support greater access to credit facilities by MSMEs.
- Establish and implement programs to support Market Access and Market Information by MSMEs.
- Establish and implement programs to support access to Business and Physical Infrastructure by MSMEs.
- Establish and support programs and projects to support Women, Youth and People living with Disabilities.
- Undertake nationwide MSME Baseline Survey on regular basis and establish database of all MSMEs in the SMEC establish Database System.
- Establish partnerships with other government agencies, NGOs and network partners aimed at implementing programs that will lead to the growth and development of MSMEs.
- Undertake special projects with international development partners in promoting local SMEs to attract foreign investor partners and accessing international markets.
- Undertake any other project that may arise through a new partnership and any other special projects as directed by the Managing Director or Minister for Commerce and Industry.
What we do
Business Development Services (BDS)
Business Skills Development & Capacity Building
The SME Corporation of Papua New Guinea (PNG) offers a range of business advisory services to Micro, Small, and Medium Enterprises (MSMEs) to support their growth and development.
- Entrepreneurship Training Programs: Offering programs like “Start Your Business” (SYB) to equip aspiring and existing entrepreneurs with fundamental business management skills. This can cover areas like business planning, marketing, record-keeping, and basic financial management.  Â
- Financial Literacy Training: Providing training to help MSME owners understand financial concepts, manage their cash flow effectively, and make informed financial decisions.  Â
- Skills-Specific Training: Conducting workshops and training sessions focused on particular industry sectors or business functions relevant to MSMEs in PNG (e.g., agriculture, tourism, basic technology adoption).
- Mentorship and Coaching: Facilitating connections between experienced business professionals and MSME owners to provide guidance and support.
Access to Finance & Investment
SME Corporation is responsible for implementing the programs and projects that will support the growth and development of MSMEs in PNG. One of which is financial access and investment.
- Information on Funding Options: Providing advice and information on available financing options, including government schemes (like the SME Credit Guarantee Scheme or direct loan programs), and how to approach financial institutions.
- Loan Application Guidance: Assisting MSMEs in preparing business plans and financial projections required for loan applications.
- Financial Linkages: Potentially facilitating connections between MSMEs and financial institutions like Bank South Pacific (BSP) and the National Development Bank (NDB), which manage specific SME funding allocations.
Business Registration & Compliance
SME Corporation facilitate to have the business names of our participants of SIYB trainings registered with IPA. Currently SME Corporation has a program where 75% of the IPA registration cost is met by SME Corporation. There are terms and conditions apply.
- Information on Business Registration: Providing guidance on the process of registering a business with the Investment Promotion Authority (IPA) and obtaining necessary licenses.
The business formalization process is as follows:
1. Register your business name with Investment Promotion Authority (IPA)
2. Get Tax Identification Number (TIN) from Internal Revenue Commission (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
- Taxation and Regulatory Advice: Offering basic information on tax obligations and relevant business regulations.
Market Access & Development
SME Corporation offers a range of business advisory services to Micro, Small, and Medium Enterprises (MSMEs) to support their growth and development.
- Market Information: Providing information on market trends, consumer preferences, and potential market opportunities.Â
- Networking Events: Organizing events like the PNG SME Business Breakfast to facilitate networking and potential business linkages. Â
- Support for Trade and Export: Offering guidance to MSMEs interested in expanding their market reach beyond the local area.Â
Policy Advocacy & Business Environment Improvement
SME Corporation is responsible for making sure that policies and frameworks of the corporation are made know to the general public.
- Representing MSME Interests: Advocating for policies and regulations that support the growth of the MSME sector to government bodies.
- Facilitating Dialogue: Creating platforms for dialogue between MSMEs and policymakers to address challenges and propose solutions.
Examples of Specific Advice Areas:
- Choosing the right business structure: Explaining the differences between sole proprietorships, partnerships, and companies.
- Developing a basic business plan: Guiding entrepreneurs on outlining their business idea, target market, and financial projections.
- Managing cash flow: Providing tips on tracking income and expenses to ensure the business remains financially stable.
- Basic marketing strategies: Advising on simple and effective ways to reach potential customers.
- Understanding loan requirements: Explaining the criteria banks use to assess loan applications.
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Learn more
Frequently Asked Questions
SME Corporation is a government Agency under the Ministry of Commerce and Industry and responsible for the MSME growth and development in Papua New Guinea (PNG) through various programs and projects.
There are two methods SME Entrepreneurship training is delivered.
- Flexible mode,
- Cluster groups;
- out of school to general MSMEs in an organized group.
- in school delivers to TVET and secondary schools.
To take part in the training provided by SME Corporation write to SME Corporation and express interest or enquire for more information.
The K200 million SME funds funded by government, K100 million was given to BSP and K80 million was given to NDB.
BSP services its existing SMEs whilst NDB disburse loans to both existing and start-ups. All MSMEs are encouraged to enquire at BSP and NDB for more information.
The difference between Business Name (BN) and Company is that Business Name is a Sole Proprietor (Individual). It is simple to start, less expensive and more suitable for micro businesses. A BN is selected when carrying on a business under a name, no legal entity is created and there is no limitation on liability.
The Company Name is selected upon incorporation and creates a special legal entity, distinct from its owners.
Business Registration is done at Investment Promotion Authority (IPA)
After IPA registration, then register TIN with Internal Revenue Commission (IRC)
joseph pinogo, amoamo village, Mekeo, central Province
