Project to provide funds for businesses

SMALL businesses in the Moresby North-East electorate can now access funds up to K5,000 to support and grow their businesses, says MP John Kaupa.
Kaupa said this after launching the district’s Famili Bit SME project this week which not only intends to grow small businesses but to also bring the informal sector into the formal space.
He said the project would cost a total of K4 million, of which K2 million came directly from DSIP (district service improvement programme) funds and the other K2 million from the National Capital District (NCD) governor’s office.
The project will run as a pilot programme with a first batch of 400 small business owners to be assisted initially.
“What we will do is supply stock and directly open their accounts with the bank such as Peoples’ Micro Bank,” Kaupa said.
“So for instance, if we give K5,000 worth of goods to a store, then out of that, K200 will go towards opening their accounts.
“We will get them registered with IPA (Investment Promotion Authority) and with IRC (Internal Revenue Commission) and get their TIN (taxpayer identification number) and bring them from the informal sector into the formal.”
Kaupa said the money for the project would roll over every year with K1 million now available for the first batch of participants.
Moresby North-West MSME (micro small medium enterprise) project coordinator Peter Gamai said small participants would have to fill an application form to take part in the project.
He said the applicants would then have to go through financial literacy training before receiving assistance from the project.