[File Photo]

Micro, small and medium enterprises have over a million-dollar pool of assistance that they can apply for.

This is made available through the MSME Fiji Grant Program under the Ministry of SME’s.

There are five funding programs altogether.

Chief Business Advisor Iosefo Koroidimuri says the new strategic direction of the ministry will ensure that the sector’s full potential is realized.

“The micro- and small- and medium-sized enterprises hold almost 60% of the total businesses in Fiji.”

Koroidimuri says they expect the sector’s GDP contribution to spike.

“In terms of GDP, they contribute almost 18% of GDP.” “That is 18% before COVID, and if you notice during COVID time, a lot of small businesses mushroomed throughout the country.”

Meanwhile, the SME Minister, Manoa Kamikamica revealed earlier this month that there is a lot of commitment to enhancing MSME businesses.

“And bolting on the MSME discipline so that we can develop sort of this businesses reaching in to the rural economies. There are a lot of opportunities. “The main question is how we’ll bring it all together.”

The Ministry supports businesses that have annual turnovers from as low as $0 to as high as $1 million.

Since 2007, the ministry has invested over $100 million in MSMEs.