Access to money slows business growth: Mori


POOR access to funding is impeding the growth of small businesses in Papua New Guinea, says Minister for Commerce and Industry Wera Mori.
Mori said the Department of Commerce and Industry would be seeking funding to assist the small business corporation (SMEC) in developing SMEs in the country.
“There is potential in SMEs and the government will make it possible for people to access finance to grow their businesses,” Mori said.
He said current government funding was inadequate.
“The sort of money that will be allocated to us will not help much in growing small businesses.
“We have to be serious and innovative in seeking funding elsewhere to fund Papua New Guinea entrepreneurs. Our approach must be on a national scale to be fair to locals,” Mori said.
Wera made the remarks on Friday during the inaugural SME Expo at the Rita Flynn sports complex.
It involved 40 entrepreneurs.
SMEC board chairman Michael Mel said the expo was to display what entrepreneurs were involved in.
“We want to create a platform where your products and services are promoted. We also want to provide an avenue for information sharing between SME business owners”, he said.