SME groups share K3mil to fund their operations

SMALL-to-medium business women groups in the Moresby North-East electorate shared around K3 million to help in running their operations.
They included women in small business groups, youths and trade store owners who underwent an 18-month financial literacy programme to allow them to move into the formal business sector.
They are now eligible to receive Investment Promotion Authority (IPA) certificates, Internal Revenue Commission tax identification number (TIN) and to opened bank accounts.
MP John Kaupa said the programme was estimated at K7 million with K3 million given by the Government, K3 million from the district authority and K1 million from the National Capital District Commission.
Kaupa said K1 million from NCDC was used for the financial literacy trainings.
Acting Prime Minister Soroi Eoe said the Government’s SME policy aimed to build the economy.
Eoe said a bottom-up approach was needed – where the informal sector was elevated to the formal sector system, which required that they paid the Government tax.