Business summit praised

 By SONIA KENU 

PRESIDENT of PNG Millennium Good Governance Association John Kerenga has applauded the Minister for Trade and Commerce Industry Richard Maru and the Government for the initiative to hold the small medium enterprise (SME) summit.  

Kerenga, who contested the Chimbu regional seat in last year’s general election, said the country would see some form of economical revolution for the small indigenous business people.  

“The summit will not benefit the small indigenous business people unless it is done properly and not just as a window curtain,” Kerenga said. 

“Our people have suffered enough, if the Government wants to take business into its hands, it has to do it properly for the people to see. 

“I am saying this because the Government, through the World Bank and commercial banks, put K3 million for small business people to loan and start up a business.” 

However, Bank South Pacific has gone ahead to lay down its red-tape criteria to say every small business person must have 30% equity to be eligible for a loan. 

Also, the client must at least have an account with BSP that has operated for two years. 

“How can a small business person access the funds if he does not have the 30% equity, and if someone has not operated an account for the last two years, how can they access the funds?” Kerenga asked. 

“If the summit is serious about empowering our people, it has to review the financial criteria that has been set up because it does not make any difference. 

“I appeal to the Prime Minister Peter O’Neil and Minister Richard Maru to consider the proposed National World Equal Benefit Fund to empower people into economical activities.

“If the Government is serious about this project to make it a policy, then we welcome that, we’re planning to launch it next month for the people.  

“The project will channel the resources that are currently benefiting the minority to every person right to the bottom.”