Applications for $3.6 million in grants for micro, small, and medium-sized enterprises (MSMEs) are now open under the Ministry of Trade, Co-operative, MSMEs, and Communication. The announcement was made yesterday by Minister for Trade Manoa Kamikamica, who highlighted the importance of MSMEs in the economy.
“MSMEs are essential for poverty reduction due to their ability to create jobs, stimulate economic growth, and empower vulnerable groups. We invite all MSMEs to take advantage of this opportunity, with all programs available on the trade website and applications processed through an online portal. The MSME Unit can also be contacted via the MSME helpline,” stated Kamikamica.
The Ministry has designated $3.6 million for its Enterprise Development Programmes, with the funds allocated as follows:
– Young Entrepreneur’s Scheme: $200,000
– Integrated Human Resource Development Programme (IHRDP): $1.7 million
– Trade and Enhancement Programme: $100,000
– Northern Development Programme: $800,000
This year’s allocation marks a $1 million increase from the previous fiscal year.
Today marks the first day of the Government’s 2024-2025 fiscal year, activating several measures announced in the 2024-2025 national budget presented in June by Minister of Finance Biman Prasad. Among these measures is a $120 million allocation to support MSMEs across all sectors.
“The funding, distributed to various sectoral ministries including the Ministry of Trade, Ministry of Agriculture and Waterways, Ministry of Rural Development, and Ministry of Multi-Ethnic Affairs, as well as the Sugar Industry, aims to further boost MSMEs by developing local resources, inspiring entrepreneurial spirit, and driving sustainable growth across all sectors,” said Kamikamica. “We are committed to empowering and educating micro, small, and medium enterprises, including cooperatives, youth, women, and persons with disabilities.”
Last year, 60 percent of the Ministry’s total assistance under its Enterprise Development Programmes was directed towards women-owned businesses, Kamikamica noted. Currently, there are about 50,000 registered MSMEs in Fiji, representing about 82 percent of businesses in the country, contributing roughly $60 million in tax payments annually.