PNG Fashion & Design Week (PNGFDW) Limited is pleased to officially announce the launch of the PNGFDW Credit Guarantee Scheme in partnership with the Women’s Micro Bank Ltd.
PNGFDW Ltd has established the Credit Guarantee Scheme (CGS) to catalyse the rollout of finance assistance to Micro and Small Enterprises in the fashion design industry.
PNGFDW Ltd and Women’s Micro Bank Ltd recognises the need for creative entrepreneurs to have access to affordable and adequate financing to empower themselves and their businesses. And to play an active role in contributing effectively to economic and social development, and inclusive growth of the Creative Economy through the Cultural Creative Industries.
Through this initiative, fashion designers throughout Papua New Guinea will now have a dedicated CGS that offers easy access loans for eligible entrepreneurs.
This is the first of its kind for MSMEs in the Cultural Creative Industries and PNGFDW Ltd endeavours to see industry players use this opportunity for business support to improve and strengthen overall business operations in areas such as product development and manufacturing, trade, supply chain, and marketing, among other key areas of business.
PNGFDW Ltd encourages fashion designers to look further beyond national borders and aim to export quality and authentic PNG fashion creations and designs to the global market.
In thanking Women’s Micro Bank Ltd for partnering with PNGFDW Ltd, Founder/Director Mrs Janet Sios said that the CGS is a game changer for the Creative Economy and expects to see positive outcomes for local businesses in fashion design.
“Since 2016, PNGFDW Ltd has worked tirelessly to develop and deliver initiatives that provide direct support to the industry. We have provided education and awareness programs, skills development training, fashion shows, networking events, international fashion exchange programs; we have become advocators for the industries and to date, this platform is the largest and most successful industry platform supporting over 800 MSMEs through our development programs. In 2022, we have decided to go to the next level and fill the gaps, especially where barriers exist to accessing finance. This is a huge challenge for small businesses who aren’t able to meet the requirements of most financial lending institutions.
“PNGFDW Ltd is taking away that burden for our industry and together with Women’s Micro Bank, giving our country men and women the opportunity to grow in business.
“As a Papua New Guinean owned and operated platform, we are committed to ensuring this platform and all its initiatives are accessible to all. From grassroots, to rural village-based businesses to urban towns and cities, this Credit Guarantee Scheme is for you,” said Mrs Sios.
