Small and medium enterprises (SMEs) are a powerful force for lifting people out of poverty, believes Fiji Development Bank board chairman, Bob Lyon.

Setting up an SME makes people more self-sufficient giving them a sense of purpose and fulfilment, he has highlighted.

Mr Lyon made these comments during the 2015 FDB Small & Medium Enterprises Awards event on Thursday evening at the Grand Pacific Hotel in Suva.

The bank awarded 15 such entrepreneurs who have achieved great success in their respective fields.

Mr Lyon highlighted the contribution of the SME sector cannot go unnoticed and is indeed significant.

“In Fiji, micro, small and medium sector contributes $800 million to our economy which is around 12 per cent of our Gross Domestic Product,” he said.

“According to statistics from the Reserve Bank of Fiji, there are more than 4200 registered micro, small and medium enterprises in Fiji.”

Mr Lyon said these statistics are bound to increase with government’s initiatives targeting the sector such as through the grant from the Ministry of Industry, Trade and Tourism.

Likewise, he said through the readily available credit facilities from financial institutions such as the Fiji Development Bank to help businesses get a foothold.

“As a development financier, we understand the difficulty SMEs face with limited working capital and lack of collateral to secure loans,” Mr Lyon said.

He stressed FDB’s 48 years of experience lending to SMEs, they understand their financial needs and can provide solutions tailor made for them.

Recognition

The evening was about celebrating the achievements of those who were courageous enough to set their dreams in motion.

The winners came from a diversity of business backgrounds including the culinary industry, farming, fashion, glass production and the legal fraternity.

And who better to hand over the awards than Yee Wah Sing, the owner of Marco Polo and Garden City in Raiwai.

Mr Sing was born in Lautoka and grew up in the banana growing settlement of Lomaivuna, Naitasiri.

He worked as a Fiji Sun journalist before going into agribusiness. He was the only student from Fiji National University who took up farming after graduating with a Diploma in Tropical Agriculture in 1981.

Over the years, his businesses have included fresh produce exports, food processing, property development and supply of industrial and consumer goods.