SCR 4,966,672.00 to be disbursed to successful applicants for the Start-up Grant Scheme, (SME)
November 22, 2017
Thursday 21st November 2017, VICTORIA, SEYCHELLES: A total of SCR 4,966,672.00 will be disbursed to successful applicants who applied for the Start-up Grant Scheme, Seed Capital as from this week. Ninety-six (96) applicants requested the maximum amount of SCR50, 000, whilst four applicants requested a lesser amount, ranging from SCR 36, 000 to SCR 44, 000.
Successful applicants are from different sectors; comprising of businesses in health, production of local products, child minding, landscaping and beautification, tourism, fisheries amongst others. Successful applicants signed their agreement late last week.
The Start-Up Grant-Scheme provides seed capital of up to SCR 50,000 to fund small start-up businesses in their early stages of development. As a means to further enhance the development of more competitive and resilient businesses, the government through the Ministry of Finance, Trade and Economic Planning allocated a sum of SCR 25 million for the Start-Up Grant-Scheme for the next 5 years, starting this year. Therefore a sum of SCR 5, 000,000 has been allocated for each year to assist a maximum of 100 applicants per year.
The Chairman of the Seed capital Committee, Mr. Brian Nicette pointed out that unsuccessful applicants will be informed as of this week; they will be issued a letter and that if they want to re-apply for next year, they can always do it. “Based on information gathered on each applicant, we will be able to work and assist those who have not qualified, work towards improving areas and make the necessary amendments so that his/her project can be submitted next year”
All applications submitted have been classified in sectors; tourism, agriculture, manufacturing, consultancy, food and beverage, and health fitness and beauty, to name a few. Mr. Nicette said that the committee will work on some suggestions and or proposals and use lessons learnt from this first exercise to improve the way whole process.
The Chairman of the Seed Capital Committee said that they have received a lot of positive responses, and the Committee believes that people really want to do their own business and that during the entire process, they have seen a lot of great ideas but these people need a startup fund. This initiative has proven to be a good one, seeing the amount of people who have applied. People wishing to start a business cannot rely on the banks as they cannot afford the prerequisite amount required to qualify for a loan.
According to Mr. Nicette, evaluation and monitoring of successful projects will start next year during the month of March or April; this he says will provide applicants enough time to get their projects running and at least get them on their feet first. “Monitoring & Evaluation Officers from the Ministry of Industry, Entrepreneurship Development and Business Innovation,or SENPA will pass by to assess their projects amongst other things. Everything is and will be well documented to encourage accountability and transparency”. Successful applicants have also been advised that if the money disbursed is not being used well, the applicant will be requested to reimburse the fund, continued Mr. Nicette.
Mr. Nicette is calling on all successful applicants to use the money wisely and to use this opportunity to build something for themselves and continue to contribute towards the economic development of the country.