A grant of $300,000 is now available for recent graduates from tertiary institutions aiming to launch their own businesses. This initiative is supported by a newly signed Memorandum of Understanding between the Tertiary Scholarships & Loans Service (TSLS) and the Fiji Commerce & Employers Federation (FCEF), which initiates the Graduate Business Start-Up Grant Scheme.
Approved by the Fiji Government in the 2024-2025 National Budget, this fund will be managed by the TSLS and executed by the FCEF. TSLS CEO Dr. Hasmukh Lal emphasized that this agreement represents a significant public-private partnership intended to assist recent graduates in becoming entrepreneurs and job creators. He noted that the scheme aims to help these graduates diversify the economic landscape of Fiji.
The scheme will adopt a multifaceted business incubator model designed to cultivate innovative, scalable, and feasible business concepts from 30 TSLS-sponsored graduates. FCEF, recognized as the leading private sector organization in Fiji, has developed considerable expertise over the past five years in managing initiatives such as the Fiji Enterprise Engine and the Academy of Women Entrepreneurs.
FCEF President Vinay Narsey stated that the organization possesses extensive business intelligence and will leverage its networks to support the graduates. The selected incubates will receive comprehensive services from FCEF, including business training, advisory services, coaching, assistance in drafting and finalizing business plans, and connections to financing opportunities to facilitate their business initiation and operation.
Narsey also mentioned that strategic partnerships with organizations such as MSME Fiji, banks, and universities will be formed from the program’s outset to minimize risks for both the incubator and the participating businesses.
Applications for the Graduate Business Start-Up Grant Scheme are set to open at the end of October 2024.