Growing MSMEs is Growing PNG!
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MSME Growth & Development
SME Corporation through its SME Growth and Development Division is responsible for implementing the programs and projects the will support the growth and development of MSMEs in PNG. Below are the primary responsibilities.
- Coordinate the overall implementation of the MSME Policy 2022 and 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 MEMEs.
- Establish and implement programs to support greater access to credit finance by MSMEsÂ
- Establish and implement programs to support greater access to Business and Commercial Land by MSMEs
- Establish and implement programs to support access to Information Technology 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 ad projects to support Women’s Entrepreneurship Development and Youths and Persons with Special Needs for Inclusive MSME Development
- Establish an SME Database and continue the random review to capture and monitor the progress of MSMEs in terms of the total number and their activities.
- 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 any other project that may arise through a new partnership and any other special projects as directed by the Managing Director or Minister of Commerce and Industry.
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Your Partner in MSME Development
SME Growth and Development Division in SME Corporation 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.Â
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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.
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)
