The government has allocated nearly $120 million to foster the growth and development of micro, small, and medium enterprises (MSMEs) in the 2024-2025 National Budget.
During the St Pius Paris Community Fun Day and Bazaar in Raiwaqa, Suva, Trade Minister Manoa Kamikamica announced that this funding commitment spans all government ministries.
Mr. Kamikamica highlighted that the funds would include free loans with a three-year interest subsidy provided through Merchant Finance, primarily aimed at supporting iTaukei resource owners and investments by provincial holding companies.
Additionally, he mentioned the Graduate Business Start-Up Grant Scheme, which will offer training to final-year tertiary students to assist them in establishing their own businesses. Another new initiative, the Micro Qualification Grant, was introduced to provide unemployed youth with opportunities for competency-based training.
The ministry also reported a 38 percent increase in its budget, totaling $3.6 million. Mr. Kamikamica stated, “This increase is intended to support more MSMEs across various sectors, including exporters, service providers, those engaged in rural development, and young entrepreneurs.”
He also announced the establishment of the first MSME information hub at the Suva Flea Market and noted that Business Assistance Fiji and the Fiji Development Bank would be collaborating with the ministry as partners.