Business Assistance Fiji, new BLP In-country Partner
Some good things came out of the Covid-19 pandemic, and one very positive initiative is the partnership between Business Link Pacific (BLP) and Business Assistance Fiji (BAF). Identifying an emerging and urgent need in the micro, small and medium-sized business market, four key Fijian organisations collaborated to establish BAF with the shared goal of assisting these struggling businesses.
The four organisations comprising BAF are Fiji Chamber of Commerce and Industry (FCCI), Fiji Commerce and Employers Federation (FCEF), Fiji Institute of Accountants (FIA) and Women In Business (WIB). The presidents of these organisations are the directors of BAF.
This initiative has been supported by the Fijian Government with an allocation of F$250,000. During the height of the pandemic, the Fijian Government assisted micro, small and medium enterprises (MSMEs) with concessional loans and the four organisations comprising BAF were actively involved in the loan assessment process.
Access to finance is a common stumbling block for many SMEs, frequently lacking the underlying business skills to assemble the requisite financial recordkeeping and business plans to set the application process in motion and are often daunted by these and other compliance requirements. BLP, in partnership with BAF, is assisting SMEs to overcome these issues by providing advisory services, training and easily accessible funding options.
The partnership between BLP and BAF draws on BLP’s established online tools for business diagnoses, such as the Business Health Check and Business Continuity Planner where an SME can complete an online self-assessment and identify the areas their business could improve. Having worked out what is required, BLP’s network of 59 quality approved business advisors in Fiji is available to discuss the scope of work required, and even apply for a fee subsidy or a grant to adapt to new economic conditions.
BLP’s newly launched Finance Finder portal will provide businesses with information about different loan packages from financial providers in Fiji so they can make informed choices while improving transparency in the financial services market.
BAF is a new initiative, and as it becomes established in the Fijian market they aim to collect, analyse and communicate economic, statistical and other information relating to the development of MSMEs to the Fijian Ministry of Commerce, Trade, Tourism and Transport (MCTTT). By doing so, BAF will be able to participate and contribute actively to government policymaking as it relates to MSMEs in Fiji, and collectively promote the interests of Fijian MSMEs at national and international forums.
Taking this a step further, BAF will liaise with donor agencies, government agencies and other financial institutions to secure funding opportunities for MSMEs while at the same time working with the government of Fiji to improve the business regulatory environment. By collaborating with local and foreign agencies and NGOs, a networking platform will be created through which ideas and initiatives can be communicated, and potential export market pathways for MSMEs established.
Joining forces with BAF was an easy decision for BLP. The two organisations have strongly aligned objectives and complementary roles in the SME market in Fiji. Enabling greater access to finance through improved business planning and operations through services provided by the BLP Network of Business Advisors.