SMEs play key role in economic development

SMALL to medium-sized enterprises (SMEs) provide an important avenue for a country to grow and develop.
SMEs provide a platform where those who have not been included in big business are able to participate in self-sustaining and income-generating activities that enable one to achieve a higher standard of living.
SMEs play a very important role in the economic development of a country.
SMEs are key drivers towards achieving most of those development goals by acting as a stimulant to economic development and growth of a country.
They keep the economy growing and functioning by providing employment, supporting the growth of gross domestic product and supporting the export and manufacturing sectors.
Once SMEs are established, they need proper management skills and funds to grow and expand their businesses.
To support the growth of the SME sector and to further encourage the SME sector to expand, sufficient funding needs to be made available so that
small businesses can be able to access.
Making funding available and accessible to small business would have ripple effect in the country, with tax benefits to the Government and employment and job creation to the people.
Thanks to the Government’s effort in encouraging SMEs through the National Development Bank.
Increasing the level of funding for SMEs through the NDB is very important as that will enable more people to participate in this sector.
These funds are intended for start-up businesses and for purchase of inventories as well as to expand their operations.

Napam Richard
Port Moresby