PM urges small businesses to visit financiers

PRIME Minister James Marape has reminded small-medium enterprises (SMEs) that they can access funds from 10 financial institutions.
They include FinCorp, Financial & Private Sector Staff Savings & Loans Society Ltd, Kina Bank, MiBank, Moni Plus, Nasfund Contributors Savings and Loan Society Ltd, Nambawan Savings and Loan Society Ltd, Peoples Microbank Ltd, Resources & Investment Finance Ltd, and the Women’s Microbank.
This follows an agreement between the Credit Guarantee Corporation Ltd (CGC) and the 10 financial institutions to provide credit guarantees for SMEs.
Marape thanked Bank of PNG governor Elizabeth Genia for advancing the signing process immediately after her confirmation last week.
“I thank Ms Genia for acting with urgency following my first meeting with her last week as Governor of Bank of PNG,” Marape said.
“I conveyed to her the Government’s directive for BPNG to organise with the Credit Guarantee Corporation, which was inaugurated in 2022, to sustain and enhance the growth of the SME sector.
“The Government aims to establish proper connectivity between SMEs and the Credit Guarantee Corporation. We are committed to supporting SMEs with funding as people seek affordable, easy-to-access loans.”
He said the CGC would provide credit guarantees to the 10 financial institutions.
“Through this collaborative effort, SMEs will enjoy access to financing, enabling them to expand their businesses, create employment, and contribute to the overall economic growth of Papua New Guinea.
“This is a significant stride in our joint and sustained initiatives to foster economic growth, support SMEs, and create avenues for increased employment.”