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Young Entrepreneurship Scheme

Minister for Industry and Trade, Faiyaz Koya. Photo: Fiji Village

 

A new project will be implemented by the Ministry of Industry, Trade and Tourism called the Young Entrepreneurship Scheme or "YES".

The Young Entrepreneurship Scheme is intended to promote and harness the talents of young Fijian entrepreneurs to become 'job creators' rather than be fated to being 'job seekers'.

Minister Faiyaz Koya says government will fund up to a maximum of $20,000 to successful young budding Fijian entrepreneurs between the ages of 18 to 30 years, to develop or expand their innovative business ideas.

Speaking at the Fiji Tourism Powerhouse Training in Suva, Minister Koya says the training will provide a platform to current and potential entrepreneurs to either grow or start their individual businesses for innovation and "out of the box" thinking.

Minister Koya also highlighted that since the inception of the Micro and Small Business Grant in 2015, it has attracted over 50,000 applications from individuals from all sectors, including tourism.

A budget of $2million has been allocated for the Scheme to provide grants up to a maximum of $20,000 to young entrepreneurs between the ages of 18 – 30. This applies to youths who are innovative with bankable ideas and projects but are not being financed by financial institutions due to lack of collateral.

The YES will include training and mentorship.

Furthermore, $5million has also been allocated to implement semi-permanent structures or portable stall for vendors operating outside the municipal boundary.

 

Source: Fiji Village/Fiji Sun

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