SMEs: Banks in the sights of Duval

The interest rate charged by commercial banks, located in 12%, will decline by about 4% according to initial information obtained by The Morning sources familiar with the matter. In parallel, new measures will be considered to encourage large companies to invest more, ensuring job creation and increased economic activities. Finance technicians focus on three main areas: the relationship between SMEs and banks, venture capital and access to capital markets. With this in mind that Xavier-Luc Duval chained consultations to determine the appropriate action.

Facilitate access to finance for SMEs. This is one of the goals of the Grand fundraiser Xavier-Luc Duval for his first major oral as Minister of Finance. A series of measures to protect small and medium enterprises (SMEs) is being considered. Thus, the interest rates on bank loans amounting to 12% will be lowered in the next fiscal year. That, in order to enable small and medium enterprises "withstand the Financial Crisis." 

Those familiar with the matter say they are aware that the SME sector is one of the largest sources of employment growth in Mauritius. The latest figures published by the Central Bureau of Statistics perfectly reflect the situation: 250 000 people have found employment in SMEs, including the number of establishments amounted to 94 000. 

However, things are slowed down since 2008 , during which the global financial crisis has literally undermined the business market, particularly in Europe and the United States, who are our two largest export markets. The measures recommended in the 2011 budget, presented by former finance minister Pravind Jugnauth, including the creation of the Mauritius Business Growth Scheme (MBGS), have done little to redress the situation of SMEs.

They say in the lap n ' have no choice but to close shop. But the new finance minister is confident of much help back on their feet small and medium enterprises in the near future. Finance technicians were summoned to investigate the situation and to suggest concrete proposals that aim to revitalize SMEs.