The Fijian government is set to augment its budget allocation for the innovative Graduate Business Start-Up Grant Scheme in the upcoming fiscal year, with the goal of empowering final-year tertiary students and graduates to pursue entrepreneurial ventures. This initiative, confirmed by Deputy Prime Minister and Minister for Finance Biman Prasad, aims to inspire graduates from the Tertiary Scholarships and Loans Service (TSLS) to explore opportunities in business.
Recently, the Fiji Commerce and Employers Federation (FCEF), which is the facilitator of the scheme, celebrated the graduation of 21 pioneer recipients. Each graduate received a financial boost of $5,000 to help launch their businesses across various sectors, including catering, daycare, poultry, retail, and automotive repairs.
The Graduate Business Start-Up Grant Scheme operates as a comprehensive business incubator designed to foster innovative, scalable, and viable business ideas from graduates. Mr. Prasad emphasized that the initiative is tailored to minimize risks for entrepreneurs by providing crucial knowledge, skills, resources, and experience necessary for establishing successful enterprises. He also mentioned that in the short to medium term, the program will enable graduates to secure additional blended financing from donors and banks.
Moreover, this initiative reflects a growing trend where young graduates are actively considering entrepreneurship as a viable career path. It is part of a broader strategy aimed at enhancing the Micro, Small, and Medium Enterprises (MSMEs) sector, which is vital to Fiji’s economic landscape, contributing significantly to the nation’s GDP and employment.
Prasad encouraged graduates to seize the opportunity provided by this program to not only start their own businesses but also to scale them, which is crucial for sustainable economic development. He believes this initiative can lead to significant innovation and new business models, contributing to the overall economic growth in Fiji.
The government has allocated $300,000 for the initial year of this grant scheme, and they are expecting to increase the budget further to support more graduates in their entrepreneurial journeys. As this initiative unfolds, it represents a hopeful step toward fostering a culture of entrepreneurship in Fiji, enabling graduates to take charge of their careers and contribute meaningfully to the nation’s economy.
This program holds great promise for future generations and is a clear indication of the government’s commitment to nurturing young talent and supporting sustainable economic development.
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