The Tertiary Scholarships and Loans Service and the Fiji Commerce and Employers Federation has signed a Memorandum of Understanding for the implementation of the Graduate Business Start-Up Grant Scheme where 30 TSLS sponsored graduates will be assisted to start their businesses.
The Fiji Government approved this scheme in its 2024-2025 National Budget with allocation of $300,000, to be administered by TSLS and implemented by FCEF.
TSLS CEO Dr Hasmukh Lal says this MoU facilitates a strategic public-private partnership with FCEF that will for the first-time support those graduating from tertiary education institutions to become entrepreneurs and job creators.
Dr Lal says ultimately, the scheme will enable Fiji Government sponsored graduates help in diversifying economic base.
In a joint statement, TSLS and FCEF say the Graduate Business Start Up Scheme is an innovative initiative to work closely with industry peak body of private sector in the country.
They say the scheme will be implemented as a multifaceted business incubator model that will aim to further enhance innovative, scalable and bankable business ideas of 30 TSLS sponsored graduates to start their businesses.
They say in the last five years, FCEF has developed expertise in managing business accelerator programmes such as the Fiji Enterprise Engine and the Academy of Women Entrepreneurs.
FCEF President Vinay Narsey says they have the depth and breadth of business intelligence and expertise within FCEF and their networks, so they will be drawing from them to ensure and that the incubates are provided with the relevant business development service to help them succeed.
They says the multifaceted business incubator model is more than a grant scheme and will provide the 30 incubates with business training and advisory services, business coaching and mentoring, drafting, testing and finalizing of their business plans, attachments with entrepreneurs; start-up grant and linkages to other blended financing opportunities and opportunity to actually start and operate their business.
Narsey also highlighted that strategic partnerships with MSME Fiji, Banks, Business Assistance Fiji, Universities, the ILO and others will be established from the start of the programme and will be included in the Governance structure, to ensure de-risking of the incubator and incubates businesses.
Applications for the Graduate Business Start-Up Grant Scheme will open at the end of October this year.
