Since the launch of the Programme in 2023, hundreds of small business owners have applied for financial assistance from the government to bolster or expand their operations. In some instances, businesses got off the ground with their use of the money. The Commerce Minister says the figures are promising.

“We are proud to report that of the 513 applications received, all have been reviewed by the dedicated members of our Evaluation Committee. I want to take this opportunity to once again, publicly thank them for their contributions to nation-building. Up to January 31, 2024, some $3,384,265.77 in loan and grant funding was approved. Of this, $2,849,212.67 was disbursed. This represents a total of 193 loan grants approved and 172 disbursed,” the Minister said to Parliament.

The Minister says 333 of the 513 applications received have been approved by the Small Business Development Unit. She says this number represents an approval rate of 65%.

“112 applications were not approved. A denial rate of 22%. 61 applications were deferred on account of missing information, and 7 applications are pending credit checks.”

This programme requires that businesses be registered with the Registry of Companies Intellectual Properties. This requirement, she says, has increased business registration and inclusion in the country’s tax system.

“Since the program’s launch on March 16th, 2023, we’ve witnessed an influx of new business registrations, a marked increase in the number of sign-ups for our online business training sessions, and various other attempts by business owners to formalise their operations,” she said.

Small Business owners are informed that the second calling will be on April 2nd, 2024.