A meeting to discuss the various financial schemes put to the avail of Small and Medium Enterprises (SMEs) by different banks was held yesterday between the Minister of Business, Enterprise and Cooperatives, Mr Soomilduth Bholah, and the representatives of SME banking at the seat of the Ministry of Finance and Economic Development in Port Louis.
One of the objectives of the meet was also to offer a platform to SMEs to voice out the difficulties they face to access these schemes, in particular proper business plans, the issue of self-funding, submission of incomplete information and the time frame of loans.
In a statement after the meeting, Minister Bholah highlighted that the meeting will help address the various constraints faced by SMEs, in particular the lack of finance, and come forward with measures and a strategic plan that will infuse resilience and productivity to the sector.
Access to finance is a major factor that affects the performance of SMEs and entrepreneurs encounter major difficulties in raising finance at the start-up stage and during the development of their businesses, underlined the Minister. Government's vision in making SME one of the main engines of the economy will be hindered if SMEs cannot find the financing mechanisms they need for their projects, he added.
Hence, Government is committed to providing the conducive environment for the sustainable development of this sector and respond to the changing needs of SMEs in a proactive manner, he stated.