Adaptation Grant allows for investment in future technology
Earlier this year, Business Link Pacific opened up the second round of Adaptation Grants through the Finance Facility in order to enable small to medium-sized businesses throughout the Pacific to access capital for stabilisation, recovery and growth due to COVID-19’s impact on the regional economy.
Pius Kuku, owner and Director of PK Business Advisors and Consultants Ltd was selected as a grant recipient from Papua New Guinea. We recently caught up with Pius about his business and how the Adaptation Grant is being used to grow PK Business Advisors and Consultants.
Talking about why he applied for the grants from the Highlands in PNG, Pius says:
Due to the global pandemic a lot of businesses have been pushed into operating online. This has been difficult for many, especially in PNG where connectivity can be difficult.
For my business, it meant I needed funds to invest in technology (software) for marketing and information management systems to go online.”
In his application, Pius highlighted how he needed to shift his business strategy so that he primarily operated online. Investments in a website, Facebook Marketing, and planning/cashflow accounting systems were a must-have for his business.
Using the BLP Adaptation Grant I was able to engage with an IT consultant to design and build a new website (www.pkbac.com), which is 90% complete, launch business email accounts, purchase business planning software as well as a cash flow budgeting software system and pay for the promotion of my services on Facebook,” says Pius.
While PK Business Advisors and Consultants is still in a growth phase with a total of 3 employees, Pius says they have already experienced an increase in the number of customers they are working with since investing in IT and becoming a certified Advisorwith BLP.
I have seen financial market value created as a direct result of BLP’s partnership and I think it would be great to see more Government agencies like (the) Commerce Department partner with BLP in promoting further growth and development programs or initiatives that will create a level playing field for SMEs,” adds Pius.
The BLP Finance Facility opened applications to Business Adaptation Grants across eight Pacific Islands in January and June 2021. Adaptation Grants have benefitted over 200 businesses to date, and Business Link Pacific is currently processing a similar number of grants to be disbursed before the end of the year.
To further support recovery and growth, Business Link Pacific is negotiating key partnerships with Financial Institutions to offer concessionary lending to small businesses in the region and will soon make information available on accessing those products.
The Finance Facility also offer information about financial products for businesses on its free online tool, the Finance Finder; visit today to find out what is available to your business right now.
ENDS
Pius Kuku is a Certified Business Advisor with BLP. His business, PK Business Advisors and Consultants help clients to develop tailored business plans using the slogan ” if you fail to plan, you plan to fail” to encourage SMEs of the importance of having a strategic business plan.