21 graduates were today handed $5000 each as part of Fiji’s first ever Graduate Business Start-Up Grant Scheme.

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says this pioneering initiative is approved by the Coalition Government and embedded in the 2024-2025 National Budget with a $300,000 allocation.

Designed as a multifaceted business incubator, Professor Prasad says the Graduate Business Start-Up Grant Scheme aims to de-risk the entrepreneurial journey for graduates by equipping them with knowledge, skills, resources, and hands-on experience.

“So in the short to medium term, it will allow them to access further blended financing with donors and banks including news financing facility such as equity and cloud funding for which we have passed a legislation that was passed in parliament early this year.”

Professor Prasad emphasized the critical importance of scaling businesses from micro to small, and medium to large enterprises, highlighting that this growth is the engine of sustained economic development in Fiji.

Grant Recipient and Director Reef Engineering & Investment Mosese Tuicakau says it is a dream come true for many graduates who do not have the support to start-up their ventures.

“I came with a vision and that is to create Reef Engineering & Investment, a company that reflect purpose, community and resilience, Honestly guys I also came in with uncertainties like many of us do, this programme, it changed that.”

Micro, Small, and Medium Enterprises contribute 18% to Fiji’s GDP and provide 60% of total employment, underscoring their vital role in the economy.

The Coalition Government, primarily through the Ministry of Trade, Co-operatives, SMEs, and Communications, has committed approximately $80 million to support MSME initiatives.

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