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The Tertiary Scholarships & Loans Service and the Fiji Commerce & Employers Federation want new graduates to diversify their economic base through Business Start-Up grants.

The two bodies recently signed a Memorandum of Understanding for the implementation of the Graduate Business Start-Up Grant Scheme.

The government had approved this scheme in the 2024-2025 National Budget with allocation of $300,000, to be administered by TSLS and implemented by FCEF.

The Chief Executive Officer of TSLS Dr Hasmukh Lal believes this MoU will facilitate a strategic public-private partnership with FCEF that will support those graduating from tertiary education institutions to become entrepreneurs and job creators.

Lal says that the current generation of new graduates have great sense of entrepreneurial ideas and Government stands ready to assist them through this grant scheme.

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He adds the Graduate Business Start-Up Scheme is an innovative initiative to work closely with industry peak body of private sector in the country.

The Graduate Business Start-Up Grant Scheme will be implemented as a multifaceted business incubator model aimed at enhancing innovative business ideas of 30 TSLS sponsored graduates to start their businesses.

President of FCEF Vinay Narsey states that in the last five years, FCEF has developed expertise in managing business accelerator programs.

Narsey says that the multifaceted business incubator model is more than a grant scheme and will provide the 30 incubates with business training and advisory services, business coaching and mentoring and so much more.

He highlights strategic partnerships with stakeholders will be established from the start of the programme and will be included in the Governance structure, to ensure de-risking of the incubator and incubates businesses.

Applications for the Graduate Business Start-Up Grant Scheme will open at the end of October 2024.

The scheme is designed to enhance employability and entrepreneurship, reduce national unemployment, and improve MSME access to finance and training.