Medium enterprises included to expand the scope of those applying
MARAIA VULA
SUVA
The Fiji Development Bank has repositioned its Small Business Awards and come up with the Small and Medium Enterprises Awards.
With the growing emphasis and focus on SMEs, FDB decided to upgrade its award to include medium enterprises.
Since 2004, FDB has been hosting the Small Business Awards focusing on encouraging small business entrepreneurs.
Acting chief executive, Nafitalai Cakacaka, said the award was an elevation to another level by increasing the turnover criteria from $100,000 to now $500,000.
“By lifting the ceiling to $500,000 which is the national definition of SME’s, we are expanding the scope of people or businesses who can apply under the awards,” he said.
“We found that in the past, when we had the small business awards, a lot of entrepreneurs were left out because they didn’t qualify.
“That is why we want to include as many entrepreneurs as possible. By increasing the limit to $500,000, even then a lot more small businesses don’t qualify.”
The theme
The theme for this year’s awards is “SMEs the Drivers of Our Future Growth”.
Pacific Islands Private Sector Organisation chief executive, Mereia Volavola, who officially launched the awards at the Grand Pacific Hotel yesterday, said the theme was fitting.
“These awards have been created as recognition for SMEs who face many challenges when running their businesses,” Ms Volavola said.
“It is intended to highlight the outstanding achievement of SMEs and encourage and appreciate them in their capacities.
“And also to enhance and develop the national economy in line with Government efforts to increase economic diversification activities.”
She noted the awards was very inclusive and demonstrated in true spirit its intention because it would be open to all SMEs and was not restricted to FDB’s clients only.
Feedback: maraia.vula@fijisun.com.fj