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Business Link, chamber on SMEs

Business Link Pacific and the Port Moresby Chamber of Commerce and Industry organized an outreach event for small and medium enterprises in Port Moresby yesterday.

President of the Port Moresby Chamber of Commerce and Industry, Rio Fiocco, told the event that businesses can access information on business advisory services available to local SMEs through the local network of BLP business advisors.

BLP works to improve and promote local networks of business advisory services available to SMEs to enable them to access quality services tailored to their needs.

The BLP Network of Business Advisors is a regional hub of 180 companies spanning eight Pacific islands offering services focused on SMEs. BLP also manages the SME Finance Facility (SME FF), set up in 2020 to support viable SMEs impacted by COVID.

The FF for SMEs facilitates access to adaptation grants (for business resumption) and concessional loans (for business growth), in combination with business advisory services.

Mr. Fiocco said that over the past three years, more than 1,200 local SMEs have accessed the Business Health Check and Continuity planner, two free online business tools that help business owners identify gaps and opportunities to their business and help connect them to the right sales advisor. .

“PNG-based businesses have gained access to business advisory services worth over 2 million Kenyans, 50% of this investment has been made directly by the private sector. In addition, local businesses have had access to K560,000 in business adaptation grants provided to businesses in the region to help them adapt to the post-COVID environment,” he said.

Business Link Pacific also works with local financial institutions to improve financial inclusion.

SMEs looking for financing can access the free online Finance Finder, a marketplace site showcasing financial products from SMEs across the country.

The Finder offers 22 different business products that PNG-based SMEs can choose from to suit their needs.

BLP and the SME FF are funded by the New Zealand Government, supported by the Australian Department of Foreign Affairs and Trade and implemented by DT-Global.