SMALL and medium enterprises (SMEs) in Papua New Guinea face continuous challenges despite being a fundamental tool for economic growth, according to Bank South Pacific Financial Group Ltd (BSP).
Awarding K2,500 as the first prize for the winner of the Pacific Islands Publishing (PIP) Lilly Magazine “Homemade product competition” for the ‘most innovative’ product, corporate sponsorship manager Amelia Minnopu said the bank wanted to help small businesses expand.
“The bank is not only focused on the corporate aspect of businesses but we believe in making a difference through our support for small businesses to ensure they expand and grow,” she said.
“As a people’s bank, we are always happy to help people succeed through their small businesses, and when they succeed, communities succeed to contribute to the country’s growth.
“We believe that our support today will provide opportunities for micro, and small business entrepreneurs to potential.
“This is not our first in supporting micro and small businesses with financial inclusion to grow, we are also the SME supply chain exhibition and seminar gold sponsor, including the prizes for SME magazine essay competition.”
Participating micro businesses winners were judged under four categories of the competition including;
- EDIBLE category winner – Renata Lavail (POM) for her ignola/ganola bars;
- WEARABLE category winner – Daphne Vela (POM) for her hand painted coconut shell earrings;
- ARTISTIC category winner – Rayleen Taniung (Arawa) for Ray’s Art Haven – traditional painting on bed sheet canvas; and,
- USEFUL category (most innovative) grand prize winner – Geno Geno (POM) for creating plates, bowls and spoons made out of betel nut husks.