Twenty-one aspiring entrepreneurs took a bold step toward their business dreams today (26:05:2025) with each receiving a $5,000 boost through the Graduate Business Start-Up Grant Scheme.
Approved by the Coalition Government, the Graduate Business Start-Up Grant Scheme was included in the 2024–2025 National Budget with an allocation of $300,000, to be administered by Tertiary Scholarships and Loans Service (TSLS) and implemented by Fiji Commerce Employers Federation (FCEF).
Deputy Prime Minister and Minister for Finance Hon. Biman Prasad said the scheme was implemented as a multifaceted business incubator model, aimed at enhancing TSLS graduates’ innovative, scalable, and bankable business ideas and helping them to start their businesses.
DPM Prasad reassured that the Government would continue to support the Graduate Business Start-Up Scheme, announcing an increase in the allocation for it in the next fiscal year.
“Fiji’s National Development Plan (2025–2029) aims to increase the annual economic growth rate to 4–5 percent, investment to 20 percent, MSME contribution to GDP to 21 percent, and reduce unemployment to 3.8 percent. Such schemes, especially those that are technically sound and prepare our people for the real world of business, are fundamental to contributing to the achievement of these national goals,” Hon. Prasad stated.
Hon. Prasad expressed happiness in knowing that the 21 tertiary graduates comprised 70 percent women and were from different parts of Fiji- Central/Eastern, Western and Northern Divisions.
“I wish to congratulate the 21 graduates who will be receiving grants to become job creators. I also thank TSLS and FCEF for this effective partnership and for their exemplary implementation of this programme. Rest assured, the Coalition Government will continue to support the Graduate Business Start-Up Scheme in the next fiscal year.”
He encouraged donor agencies and the private sector to invest further in such innovative schemes.
“Commercial banks also play a crucial role, and I implore them to have dedicated services for MSMEs on business sustainability, diversification, and scalability. We need to publish success stories of micro-businesses that have grown to small and medium-sized enterprises.
“Banks need to be given public appreciation where they have made an SME financially sustainable with growth. It is time for bank executives to have independent expert reviewers on SME financing. Start-ups need specialized services and should not be treated like established businesses—it is a different ball game. A proven SME owner can serve as an independent advisor to banks on SME applications for financing. This will mitigate risks while not stifling the growth of small businesses.”