A new government grant of $300,000 is now accessible to recent graduates of tertiary institutions who wish to launch their own businesses. This initiative is set in motion following a Memorandum of Understanding between the Tertiary Scholarships & Loans Service (TSLS) and the Fiji Commerce & Employers Federation (FCEF).
The Fiji Government has included this grant scheme in its 2024-2025 National Budget, with TSLS responsible for administration and FCEF for implementation. TSLS CEO Dr. Hasmukh Lal emphasized that this partnership marks the first opportunity for recent graduates to gain support in becoming entrepreneurs and job creators. He noted that the initiative aims to assist Fiji Government-sponsored graduates in diversifying the country’s economic base.
Lal highlighted the entrepreneurial spirit prevalent among today’s graduates and reaffirmed the government’s commitment to aid them through this grant program. The scheme will function as a multifaceted business incubator designed to enhance the innovative, scalable, and bankable ideas of 30 sponsored graduates in their business ventures.
FCEF, the leading private sector organization in Fiji, has built expertise in running business accelerator programs, including the Fiji Enterprise Engine (FEE) and the Academy of Women Entrepreneurs (AWE), over the past five years. FCEF President Vinay Narsey stated that the organization possesses considerable business intelligence and expertise to assist participants in succeeding.
Selected incubates will receive comprehensive support from FCEF, including business training, advisory services, coaching, mentoring, and assistance with developing and finalizing business plans. They will also have opportunities for networking with entrepreneurs, as well as access to the start-up grant and blended financing options to launch and operate their businesses.
Narsey mentioned that strategic partnerships with various organizations including MSME Fiji, banks, Business Assistance Fiji, universities, and the International Labour Organization (ILO) will be established at the program’s outset to help mitigate risks for both the incubator and the businesses involved.
Applications for the Graduate Business Start-Up Grant Scheme are expected to open at the end of October 2024.