FDB launches small business awards

October 21, 2009 03:58:07 PM

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Lending support to the development of Small and Micro Enterprises in Fiji is as important as recognizing the role that big businesses play in the economy, said Fiji Development Bank board member Joseva Serulagilagi.

Launching FDB’s annual Small Business Awards in Suva this morning, Serulagilagi said keeping in mind that all great things were once small, small businesses can only grow to realize full potential if they are given proper care, attention, encouragement and resources. 

“Since 2004, the Fiji Development Bank has held the Small Business Awards to reward small businesses that show potential for growth,” Serulagilagi said.

“Awards such as this help promote small enterprise development because it takes the stigma of insignificance away from such enterprises. People often frown and look down on the handicraft maker who sells at a roadside stall, or the grass cutter who walks from house to house looking for business. Without such enterprising people, unemployment would be much higher and affordable goods and services would be negligible,” he added.

He said there was a need to give more recognition to the SME sector, as those who participate in it chose the much harder option to work for themselves rather than for someone else.

“These small businesses also support a supply chain for processors and manufacturers.  Without the farmer in the field, there would be no dalo or cassava to peel for packaging and export. Without the village craftsman, there would be no handicraft to sell at the curio markets and handicraft centres by middlemen. Small business with the right support and adequate financing can also move on from just producing raw materials or basic goods to value-adding so that their product fetches a higher price,” Serulagilagi said. 

FDB chief executive officer Ratu Deve Toganivalu told Fiji Live the awards served to help in the development of the SME sector, where players are mostly clients of the bank. 

“In the economy, the small business sector is important. All these big companies they had a small beginning, they all started as a corner shop. So if you nurture them well - finance them properly, give them the right tools to grow, we believe that in due time they will grow. And as a development banker, this is where we are coming in help improve things, to give them a chance to be successful in whatever business they are doing.” 

Toganivalu said this year’s awards - with a central theme of Start Small, Think Big - has attracted overwhelming support from sponsors, with two new companies - Crest Chicken Ltd and the Fiji International Telecommunications Ltd - coming on board. 

The competition, which closes at 3pm on Friday, December 18, 2009, is open to 100 percent locally-owned businesses that have gross annual sales of up to $100,000. 

The six categories are: Agriculture, sponsored by Crest Chicken; Tourism, sponsored by Fiji Sun, Wholesale/Retail, sponsored by FINTEL; Manufacturing, sponsored by New India Assurance; Professional Services, sponsored by Connect; and an Open Category to encourage innovation, sponsored by the Reserve Bank of Fiji. 

Winners in each category will receive $1,500 in prize money, a plaque and a certificate.