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AfricaMoney | September 22, 2017

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MauBank and MyBiz to be at the forefront of the SME sector to transform Mauritius into a `Nation d’Entrepreneurs`.

MauBank and MyBiz to be at the forefront of the SME sector to transform Mauritius into a `Nation d’Entrepreneurs`.

MauBank, and MyBiz will be the spearhead of the new impetus that  the Mauritian Government wants to bring to the SME sector in line with the vision of making this sector the backbone of the economy and transform Mauritius into a ‘Nation d’Entrepreneurs’. SME Financing Scheme, would be introduced to provide a grant of up to Rs 10,000 for the conduct of a feasibility study of a project proposal by an SME in the ICT, manufacturing, aqua-culture, renewable energy and handicraft sectors.

The services offered by the newly established bank, MauBank, which incorporates the Mauritius Post and Cooperative Bank and the National Commercial Bank, and MyBiz, a one-stop shop for business support solutions to entrepreneurs, were presented by the Minister of Finance and Economic Development, Vishnu Lutchmeenaraidoo, and the Minister of Business, Enterprises and Cooperatives, Soomilduth Bholah, at a press conference in Port Louis.

Focus was laid on the SME Development Scheme which will be introduced shortly for the benefit of small and medium enterprises, including small planters and breeders, in line with Government objective to make SMEs one among the main pillars of the economy.

Vishnu Lutchmeenaraidoo, spoke of the role of MauBank, as well as MyBiz, which will be the spearhead of the new impetus that Government wants to bring to the SME sector in line with the vision of making this sector the backbone of our economy and transform Mauritius into a ‘Nation d’Entrepreneurs’.

To this effect, he added that an amount of Rs10 billion has been provided to the Bank over a period of five years as part of the project whereby a special financing scheme for enterprises, that is the MauBank SME Financing Scheme, would be introduced to provide a grant of up to Rs 10,000 for the conduct of a feasibility study of a project proposal by an SME in the ICT, manufacturing, aqua-culture, renewable energy and handicraft sectors.

Lutchmeenaraidoo further said that MauBank will act as facilitator to potential entrepreneurs in providing funding facilities to help them start a business while at the same empowering more citizens to become entrepreneurs.

Soomilduth Bholah, elaborated on the eligibility criteria under the scheme. According to him, SMEs would be granted a SME Development Certificate which would allow them to benefit from various incentives and facilities, such as Income Tax holiday for the first 8 years and other tax concessions.

The Scheme also provides for a Special Grant for training, consultancy, financial management, feasibility study and technical assistance. The grant will be 10% of the project value up to a maximum of Rs 150,000 and business support solutions from MyBiz and fast-track mechanism for obtaining permits and licences.

 

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