The Business Development Fund is established to assist, small and medium enterprises (SMEs) of the Pacific Island Countries which are characterized by limited financial resources, a lack of access to capital, and often an undue reliance on debt. The grant scheme has been reviewed to assist these to increase their economic independence, create sustainable employment opportunities and also address the capacity building needs through short-term training attachments and advisory services preferably within the Pacific region’s SMEs.
The key objectives under the programme include:
Strengthening Business capacities
Encouraging Product innovation
Increasing Business Competitiveness and Visibility
Capturing and building Markets
It is important that the project will be able to demonstrate contribution to improved incomes and to livelihood opportunities or living standards of Pacific Island Communities. The project should have a positive impact on the industry and other enterprises for that matter as well as to contribute to the empowerment of gender and youth. The project must not to have a negative environmental impact.
TYPES OF ASSISTANCE
The BDF grants are offered on a cost sharing basis at the discretion of the PIPSO Secretariat. There are various categories available under this fund, and these include: