Lack of financial support a drawback for small businesses

National, Normal

The National, Thursday July 4th, 2013

 LACK of finance and support from financial institutions is a major impediment faced by small and medium enterprise (SME) owners, Molam Ltd managing director Rose Maur says.

 She said the owners needed support from the government through the National Development Bank (NDB) to access loan funds.

“PNG SME owners are nothing compared with SMEs in other countries such as Malaysia where they owned factories. The main problem we face is having no access or delay in getting funds freom the NDB,” Maur told The National yesterday.

“My recent trip to Malaysia along with other SME owners was an eye opener for us. 

We are restrcited to small business activities and they own factories. The government needs to look more into the sector to enable growth.”

Maur said the SMEs had the capability of helping  address unemployment if help was provided.

“If the government support SMEs, we will improve the employment rate. The good thing about it is there is no need to recruit in terms of qualification.

“I started back in 2007 with a tucker box and K2000 seed capital and employed 12 staff who are all settlers on Lihir Island. Right now I am worth half a million,” Maur said.

She said she hoped the reserve list of businesses for Papua New Guineans could benefit keen businessmen and women in the long-term without causing repercussions with foreign business operators.