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Boost for businesses

Luke Rawalai
Tuesday, October 31, 2017

AS many as 699 business entrepreneurs in Bua received a boost to their micro small medium enterprises (MSME) after receiving their cheques over the weekend.

Officiating at the disbursement of the Micro and Small Business Grants (MSBG) cheques Minister for Industry, Trade and Tourism Faiyaz Koya said formal MSMEs contributed up to 60 per cent of total employment and up to 40 per cent of national income gross domestic product (GDP) in emerging economies.

Mr Koya said Government was intent on formalising MSMEs in order to account for actual contribution to the Fijian economy giving all enterprises the recognition and support they deserved.

"The program is intended to provide support to the smallest of small businesses, that is, the businesses or individuals that financial institutions do not consider as bankable," he said.

"Therefore, the MSBG initiative is to provide you the leg-up and give you the necessary tools to access finance.

"By receiving your grant, your details are now part of the ministry and Fiji Development Bank database.

"This will assist you in obtaining further credit, once you are able to demonstrate success in your present venture."

With this in mind Mr Koya said this was the reason they were providing support to 699 recipients with the total investment of $688,592.

"This investment is towards your business projects and will vary ranging on the businesses you operate," he said.

"This grant can be investment and transformed in many different ways, such as; sole trader business, agriculture business, livestock farming and many more.

'With the right intended use the grant will bring a lot of changes and difference among your society. We encourage you to incorporate innovation, creativity and thinking outside the box in your business models."

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