SMEs grateful for support but concerned with funding

SMALL to Medium Enterprises Corporation managing director Steven Maken, pictured, has welcomed the Government’s support to the sector in 2019 but says the funding is inadequate.
Treasurer Charles Abel said small business activities would be supported by the SME Access Risk Financing Facility of K4.4 million, and the National Development Bank to facilitate SME funding (agriculture and non-agriculture) of K100 million.
This, however, does not include the corporation.
“We, as an SME institution, did not fare well,” Maken said
“That remains a challenge.”
Abel said K30 million was allocated to the corporation in the 2018 Budget, of which only K7 had been given.
The balance of K23 million is still outstanding.
“It remains to be seen whether we’ll get that,” he said.
“But we’ve started on a project with West New Britain, which we want to build on and replicate in the other three regions.
“We’re trying to go regional first and then scale down to the provinces.
“In terms of business development work, funding is not there.”