The Minister of Business, Enterprise and Cooperatives, Mr Soomilduth Bholah, conducted a site visit yesterday at the LSY Pillay Production Ltd in La Tour Koenig to take stock of progress achieved by the start-up specialising in the production of bottled "alouda" for supermarkets. The enterprise has benefitted from the SME Development Scheme and has received a loan of some Rs 10 million to mechanise its production process.
In a statement to the press, Minister Bholah underscored the commitment of Government to support start-ups in their endeavours and help existing businesses to sustain on the market. A number of schemes and facilities are being provided to entrepreneurs in order to further boost the sector and promote viable business ideas, he emphasised.
Government, he underlined, wants to make it easier for people especially the younger generation to start up and run their own business in the wake of challenges they face as regards finance, clearances and permits. He also highlighted the contribution of institutions such as the Development Bank of Mauritius and MauBank in fostering favourable conditions for Small and Medium Enterprises (SMEs) to benefit from loans for their businesses.
On this score, the Minister called on entrepreneurs to seek help and guidance from the SME Mauritius Ltd and to avail themselves of the facilities put in place for the successful development of their businesses.
SME Development Scheme
The SME Development Scheme was introduced for the benefit of SMEs, including small planters and breeders, in line with Government objective to make SMEs the backbone of the economy.
Under the Scheme, SMEs satisfying a set of requirements are granted a SME Development Certificate and are made eligible 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.