A Memorandum of Understanding (MoU) has been signed recently between the Small and Medium Enterprises Corporation or SME Corporation and the Imbonggu District Development Authority.
The signing of MoU paves way for the Imbonggu DDA to engage SME Corporation to promote and facilitate “Business and MSME Development” through entrepreneurship training and other business development and advisory support services to the people of Imbonggu.
The MoU, built on goodwill and binding in honour only is for three years and can be renewed.
The signing of MoU coincided with a training on Start Your Business – Micro Enterprise or SYB-ME, facilitated by network partners or trainers who were trained by SME Corporation but was supervised by the Master Trainer from SME Corporation, Mr. Edward Kepa.
A total of 32 people, comprising 20 males and 12 females, participated in the training and graduated with certificates.
Out of these, 29 are existing MSMEs and 3 are start-ups.
Eight participants’ businesses were formalized during the training while 25 participants (14 males and 11 females) were assisted to open their bank accounts with Mi-Bank.
The training was the start of more of such training to be conducted in the Imbonggu District.
On behalf of the Board and Management of the SME Corporation, Director for Corporate Affairs Division of the SME Corporation, Mr. Rodney Sumale assured both parties for an effective implementation of the MoU.
He congratulated the participants of the Start Your Business–Micro Enterprise training and encouraged them to put to practise what they have learnt.
“In the group of participants, I can see people of different age groups; some are young, some are middle age while some are old people.
“But to do business there is no boundary, anyone can become a businessman or a businesswoman, regardless of your age,” Sumale said.
Member for Imbonggu and Minister for Justice and Attorney General Pila Niningi assured that his DDA will work with the SME Corporation in the implementation of the MoU.
He committed K500, 000 to Mi-Bank and the National Development Bank which the Imbonggu DDA will decide on the amount to be deposited per bank as start-up capital for the trained MSMEs to access.
Minister Niningi further stressed that he will increase funding and consider involving other banks in the coming years.
“I am here because I believe in you that you can make a difference,” he said.
“So, to start you off, I’m committing K500, 000 to the banks to facilitate.”
Present to witness and participate at the two occasions were the acting Provincial Administrator for Southern Highlands Mr. David Kelma, the Imbonggu District Administrator Joseph Timothy with other officials from the district administration, Mi-Bank Mt. Hagen Branch Manager, Ted Vere and the Board and senior management of the SME Corporation.
Caption: Member for Imbonggu and Minister for Attorney General Pila Niningi (left) and Director Corporate Affairs of the SME Corporation Mr. Rodney Sumale with the signed MoU.
