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More Than $830k Funded To MSMEs

The Ministry of Commerce, Trade, Tourism and Transport has funded over $830,000 to Micro Small Medium Enterprise (MSME) projects in various sectors. This was confirmed by Minister for Commerce, Trade,
18 Feb 2021 08:26
More Than $830k Funded To MSMEs
Integrated Human Resource Development Programme Divisional Manager Central Aslam Khan (fourth from left, front), Roma Yabakivou owner of Yabakivou Enterprise (third from left) and Micro Small Medium Enterprise busieness owners during the Financial Literacy training, yesterday. Photo: Susana Hirst-Tuilau

The Ministry of Commerce, Trade, Tourism and Transport has funded over $830,000 to Micro Small Medium Enterprise (MSME) projects in various sectors.

This was confirmed by Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya.

The projects were through the MSME Fiji and Co-operatives teams, offering business savvy training.

This helped more than 2000 businesses in understanding their costs, pricing, business planning and forecasts, post disaster business recovery.

“It is a known fact that micro, small and medium Enterprises (MSMEs) play a critical role in progressing the economy as catalysts for national building.”

According to a 2019 World Bank Report, it is estimated MSMEs contribute more than 60 per cent to employment in low- and high-income countries.

In Fiji, pre-COVID times, it was estimated that MSMEs contributed 18 per cent to GDP and 60 per cent to the labour force.

In a bid to help MSMEs further the ministry gave out concessional loans.

There has been more than 5500 recipients to the loan that was started to help new and existing businesses through the pandemic.

As a follow up through the programme, the ministry, Fiji Revenue and Customs Services, MSME Fiji and several stakeholders together have held financial literacy trainings.

These trainings are done to help business owners understand financial literacy that will later help them be able to repay their loans.

The training started last year ending in October within the greater Suva-Nausori area.

Yesterday, 15 loan recipients attended the first training held this year at Unity House in Suva.

Roma Yabakivou owner of Yabakivou Enterprise, an internet and gaming café in Makoi said the training was very informative.

“Yabakivou Enterprise is two years old and has 15 computer units. I have invested $10,000 into starting up my business from my savings.

“Lucky enough I received $4000 from the Ministry to keep me going. This training has been very informative and helpful in so many ways.

“It has also helped in expanding my network and getting to meet and learn about other businesses and how they cope.”

Integrated Human Resource Development Programme Divisional Manager Central Aslam Khan said they plan to start training in the west next month.

“Hopefully by next moth we will start training from Rakiraki to Sigatoka. There will also be five-day trainings soon.”

Mr Khan urged business owners, whether or not they received the loan to call 9986014 MSME Helpline and express their interest to the free training.

 

Feedback: susana.tuilau@fijisun.com.fj


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