A $300,000 government grant is now available for recent graduates from tertiary education institutions who are looking to launch their own businesses. This opportunity comes as a result of a Memorandum of Understanding signed between the Tertiary Scholarships & Loans Service (TSLS) and the Fiji Commerce & Employers Federation (FCEF), which was finalized this week.
The Fijian government included this grant scheme in its 2024-2025 National Budget, with TSLS overseeing the administration and FCEF managing the implementation. TSLS CEO Dr. Hasmukh Lal noted that this collaboration represents a significant public-private partnership designed to support recent graduates in their pursuit of entrepreneurship and job creation for the first time.
Dr. Lal emphasized that the initiative aims to assist government-sponsored graduates in contributing to the diversification of the economic landscape in Fiji. He expressed confidence in the current cohort of graduates, stating they possess a wealth of entrepreneurial ideas, and reaffirmed the government’s commitment to support them through this grant scheme.
The Graduate Business Start-Up Grant Scheme will feature a comprehensive business incubator model intended to cultivate innovative, scalable, and financially viable business concepts from 30 TSLS-sponsored graduates.
FCEF, the leading private sector organization in Fiji, has built considerable expertise over the past five years in managing business accelerator programs, including the Fiji Enterprise Engine and the Academy of Women Entrepreneurs. FCEF President Vinay Narsey highlighted the organization’s extensive business intelligence and resources, which will be utilized to ensure success for the graduates involved in the incubation process.
The selected graduates will receive a range of services from FCEF, such as business training, advisory counseling, coaching, and mentoring. They will also receive assistance with drafting and testing business plans, connections to experienced entrepreneurs, access to start-up grants, and opportunities for blended financing to help them effectively launch and manage their businesses.
Mr. Narsey mentioned that strategic partnerships will be formed with organizations like MSME Fiji, banks, Business Assistance Fiji, universities, and the International Labor Organization from the onset of the program. These partnerships will be integrated into the governance structure to help mitigate risks for both the incubator and the emerging businesses.
Applications for the Graduate Business Start-Up Grant Scheme are set to open at the end of October 2024.