Government to assist the SME sector
May 24, 2020 7:30 am
The government will announce new initiatives today, to assist those in the micro-enterprise, small and medium business sectors.
Minister for Economy Aiyaz Sayed-Khaiyum says they are looking for some generous concessional loans, particularly for the SME’s.
Sayed-Khaiyum says these are people who already have a business but are struggling due to the current crisis, and they will look at ways to assist them with cash flow under the new initiative.
He says they will also look at the micro enterprise’s sector.
“For example, people working in the tourism sector who are no longer employed. So somebody who is a very good pastry chef – now he does not have a job, but because he is a very good pastry chef he needs access to an oven so he can bake bread, pies and all sorts of things and start his or her own business. So with a little bit of assistance they will be able to start earning their living with the micro-enterprise funding that we intend to provide.”
Sayed-Khaiyum says they are looking at quick and transparent processes to give people excess to livelihood opportunities.