The Working Group will serve as a coordinating body to promote and advocate for SME financing. It will work with regulated financial institutions to identify and facilitate actions to increase loan portfolio to SMEs. It will also have specific focus to work with government and development partners to assist institutionalize risk-sharing and guarantee scheme facilities as a platform for increasing loan financing to SMEs by financial institutions.
The SME working group kicked off 2020 with the first meeting in January, with the introduction of the SME work plan for the New Year. The working group is looking to contribute to a country-relevant and contextual definition of Small to Medium Enterprises (SME) and Micro Small Medium Enterprises (MSME) with data support. With the support of CEFI, the group will be releasing a SME Loan Product Guide booklet, primarily a reference publication, intended for any SMEs in Papua New ranging from wholesale, retail, agriculture, tourism and fisheries, who are seeking loan from financial institutions to venture, build or expand their business profile.