New initiative aims to support businesses


NATIONAL Capital District Governor Powes Parkop says city hall will soon open a small-medium enterprise (SME) centre to assist business owners and informal vendors in Port Moresby.
Parkop said work was being done to create different products.
He said an example would be a revolving fund which the SME centre would use to assist market vendors in their businesses.
The fund could be repaid later without interest.
“The centre will service everyone in the SME and informal sector,” Parkop said.
“Savings training will be a service provided.”
He said the revolving fund was not a loan facility.
“For example, we give a vendor K500 and he or she repays it. Another vendor will use it and when that vendor repays it, another vendor will use it.
“This we can do almost right away.”
He said the revolving fund would help those in the informal sector who did not have documents such as an IPA certificate.
Parkop said the centre would also provide other incentives.