The Hon. Minister of Financial Services and Good Governance, M.K Seeruttun was present on the occasion of the launch of 'Noubiznes SME Portal', organised by Cim Finance on 3 November 2022 at Caudan Arts Centre, Port Louis, Mauritius.  

In his keynote address, he stated that with the new introduction of a digital platform, will help Government and the private sector in further positioning the SME sector and the Mauritian economy on a path of sustained growth.

He further stated that Government extended the olive branch to our SMEs by providing full support through the Wage Assistance Scheme and financing of additional remuneration.  Furthermore, the recent Budget also introduced a slew of promising measures for entrepreneurs.

He highlighted that the broadened definition of SMEs whereby the turnover threshold for micro, small and medium enterprises has been increased and a new category of mid-market enterprises with turnover from Rs 100 M to Rs 250 M has been included under the SME Act in a bid to widen the net of businesses eligible to support and finance.

He further stated that as part of Government’s Vision 2030, it is our ambition to boost the contribution and performance of the SME sector as a key driver of inclusive and balanced growth.

The 10 Year Master Plan for this Sector provides the following targets to be reached by 2026:

• raising SMEs’ contribution to GDP from 40% to 52%;

• raising SMEs’ share of total national employment from 55% to 64% and

• increasing current exports from less than 3% to about 18%.

He further commented that the Noubiznes proposition is a timely initiative  designed to empower businesses in need of financing to embrace the digital renaissance for a positive future. This said, financing through online credit platforms operated by digital service providers is known to be still a niche product.  

Online platforms such as Peer to Peer Lending portals have muscled in the SME space endeavouring to compete with traditional services offered by banks and there is a need to step up literacy and awareness on these alternatives and on this front, he said that CIM is very good on its outward communication.

He thanked CIM for the role, influence and involvement  as a strong partner of Government in economic and social development.  Drawing on CIM’s leasing solutions to other forms of credit, many SMEs have been able to survive the capricious nature of the business world. The Special SME Factoring Scheme in partnership with the Investment Support Program enabled entrepreneurs to keep afloat and maintain their cash flow during difficult years as CIM Finance factored their invoices.   

He is profoundly optimistic that NouBiznes will not only live up to its intention but will also set the trend and create impetus for other corporates.