The 2024 National Budget offers key initiatives to support small business development. It is projected that 1,362 small business grants will be issued. Additionally, some 100 loans will be disbursed.
To facilitate this, the Small Business Development Fund will be replenished by $450 million, while the Small Business Bureau will receive $331 million to fund its initiatives.
It is estimated that 2,800 business owners will receive training in specialized business development programmes in key sector areas.
In 2023, 3,500 small business owners benefitted from training to increase capacity and build on business competitiveness.
In another effort to lend developmental support, the Government will partner with local commercial banks to lower interest rates on loans up to $5 million to small and medium enterprises.
Sixty-two small business grants were distributed by the Small Business Bureau to citizens in Region 5 on January 23.
Mohamed Ibrahim, the Chief Executive Officer of the Small Business Bureau, stated that these grant distribution exercises are a testament of the body’s commitment to fostering growth and sustainability in small business communities.
Earlier on January 17, several grants were issued to clients of Region 2.
The Minister of Tourism, Industry and Commerce, Oneidge Walrond reminded the recipients that the grants are not a “one-off” payment but are instead opportunities for them to explore expanding their businesses.