$3.6 million in SME grants now open

The Ministry of Trade, Cooperatives, MSMEs and Communications is currently opening applications for a total of $3.6 million in MSME grants to micro, small and medium-sized business operators.

The announcement was made yesterday by Trade Minister Manoa Kamikamica, who recognised the role that MSMEs play in the economy.

“MSMEs are critical to poverty reduction by creating jobs, stimulating economic growth and empowering vulnerable groups.”

“The ministry, therefore, invites all interested MSMEs to grab this opportunity. All schemes can be found on the trade website and of course the application will be made through the online portal. You can also contact the MSME department through the MSME helpline.”

The ministry has allocated $3.6 million for its enterprise development program.

The details are as follows:
• Young Entrepreneurs Program – $200,000
• Integrated Human Resources Development Program (IHRDP) – $1.7 million
• Trade and Enhancement Program – $100,000
• Northern Development Program – $800,000

This year’s appropriation represents a $1 million increase over the previous fiscal year.

Today is the first day of the government’s fiscal year 2024-2025 and the launch day for a slew of measures announced in the state budget 2024-2025 announced by Finance Minister Biman Prasad in June.

This includes an allocation of US$120 million to support small and medium-sized enterprises in various sectors.

“These funds have been allocated to various departments including the Ministry of Trade, Ministry of Agriculture and Waterways, Ministry of Rural Development, Ministry of Multi-ethnic Affairs and Ministry of Sugar, and are aimed at further promoting the development of MSMEs, whether it is developing local resource owners, inspiring enthusiastic entrepreneurship or promoting sustainable development across sectors,” Mr Kamikamika said.

“We work to empower or educate micro, small and medium enterprises, including cooperatives, youth, women and people with disabilities.”

Mr Kamikamika said last year, 60 per cent of all assistance provided by the ministry under the Enterprise Development Programme went to women-owned businesses.

The Minister added that there are about 50,000 registered MSMEs in Fiji, which account for about 82% of Fijian businesses, and about $60 million in tax revenues are generated annually from MSMEs.