Applications are now open to micro, small and medium sized business operators for a total of $3.6million in MSME grants under the Ministry of Trade, Co-operative, MSMEs and Communication.
This was announced yesterday by Minister for Trade Manoa Kamikamica who acknowledged the role MSMEs play in the economy.
“MSMEs are crucial for poverty reduction through their ability to create jobs, stimulate economic growth and empower vulnerable groups.
“Therefore the Ministry extends an invitation to all MSMEs interested to step forward and seize this opportunity. All programs can be found on the trade website and of course the applications will be done through an online portal. You can also contact the MSME Unit on MSME helpline.”
The Ministry has allocated $3.6m for its Enterprise Development Programmes.
The breakdown is as follows:
• Young Entrepreneur’s Scheme –$200,000
• Integrated Human Resource Development Programme (IHRDP) – $1.7m
• Trade and Enhancement Programme – $100,000
• Northern Development Programme –$800,000
This year’s allocation was an increase of $1m from the last fiscal year.
Today is the first day of the Government’s 2024-2025 fiscal year and the activation of a number of measures announced in the 2024-2025 national budget delivered in June by Minister of Finance Biman Prasad.
Among them was the allocation of $120million to support MSME across all sectors.
“The funding was and has been distributed to sectoral ministries including the Ministry of Trade, Ministry of Agriculture and Waterways, Ministry of Rural Development, as well as the Ministry of Multi-Ethnic Affairs and of course the Sugar Industry with the aim to further boost MSMEs, whether it’s for developing local resource owners, inspiring passionate entrepreneurial spirit, or driving sustainable growth across all sectors,” Mr Kamikamica said.
“We are committed to empowering or educating micro, small and medium enterprises including cooperatives, youth, women and persons with disabilities.”
Last year, 60per cent of the Ministry’s total assistance under its Enterprise Development Programmes went to women-owned businesses, said Mr Kamikamica.
There are about 50,000 registered MSMEs in Fiji, accounting for about 82per cent of businesses in Fiji and each year, around $60million in tax payments are attributed to MSMEs, the Minister added.
