Africa-Press – Seychelles. As from September 1, 2022 start-up small businesses will be able to apply for funds up to R200,000 from the revamped Seed Capital GrantScheme launched yesterday by the Ministry of Investment, Entrepreneurship and Industry in collaboration with Enterprise Seychelles Agency.
Applicants will have until September 30 to submit their applications to tap into the grant scheme. Application forms will be found and filled online on Enterprise Seychelles Agency (ESA)’s website and social media platforms as ESA is the administrating body.
Start-ups interested in applying for funding under the Seed Capital Grant Scheme will have to be diverse, innovative, technologically-driven as value addition businesses that look to make more effective use of local resources in the economy.
Interested individuals will need to have a business plan, a procurement plan and must prepare for an interview process.
The Seed Capital Grant Scheme was first introduced in 2017 to provide seed capital of up to
R50,000 to fund small start-up businesses in their early stages of development.
It was early July last month that the Cabinet approved a proposal to revise the Seed Capital Grant Scheme which was being administered by ESA.
At a time where government is encouraging citizens to be innovative in order to increase their income, the Cabinet reaffirmed the importance of the scheme to support business innovation and growth.
The revised scheme will support business development ideas in priority areas for the country. Recipients of the grant will need to follow business management training and will be closely monitored to ensure accountability of the funds allocated to their business development. Cabinet requested that transparency and accountability be strong guiding values in the administration of the scheme.
Launching the revamped Seed Capital Grant Scheme yesterday during a short meeting with the press at Independence House Annex, the principal secretary for investment, Michael Nalletamby, noted that the scheme was suspended in 2020 because of economic hardship brought about by the Covid-19 pandemic. It was supposed to run for a period of five years.
However the department of Investment and ESA took the opportunity during the one year suspension to review the efficiency of the scheme.
“We analysed the data for the three years that the scheme was operational to see the impact and we noticed certain challenges especially in terms of financing. We found the R50,000 to be quite low and it may not have given a huge value to the establishment of a business,” said PS Nalletamby.
He highlighted that with the revamped scheme, businesses will have more adequate funds, a better support system and a follow-up mechanism will be set-up to assist and monitor them. The aim of the revamped scheme is to promote innovation, diversification in key priority sectors such as fisheries, agriculture and information & technology.
The chief executive of ESA, Angelic Appoo, noted that the applicants’ business plan will need to detail all information and procurement plan to establish how the money will be disbursed.
“Businesses that have already been registered will need to provide their registration documents, license etc… Start-ups however will submit their documents after they have had clear communication that their projects have been approved or not,” she stressed.
ESA will establish a support system for the applicants whereby facilities will be put at their disposal. Start-ups can also call for a consultation with ESA before they apply for the grant. Businesses that already exist must not have been in operation for 36 months (3 years) to be eligible for the grant or they must be bringing a new innovative or diverse idea to their business.
For More News And Analysis About Seychelles Follow Africa-Press
