SMEs

Vanuatu SMEs to receive grant from COVID–19 Economic Stimulus Package

The council’s decision has been confirmed by the Finance and Economic Minister, Johnny Koanapo Rasou.

Any business that earns an annual turnover of VT200 million or less is considered a SME.

The grant will be available only to the holder of a valid business license.

Evidence of a valid business license includes either a business license that was issued or renewed in the 2019 financial year or a receipt for the business license fee that was paid between 1 January 2020 and 31 March 2020.

Pacific insurers see SME and group business as a way forward for growth

However, a lack of insurance awareness amongst business owners, and the condition of some businesses (insurability) are hampering the speed at which insurance take up is happening amongst this market segment.

The majority of the respondents from 12 of the leading insurance providers in the region recently surveyed by the Pacific Financial Inclusion Programme (PFIP) say that while SME’s make up a very important part of Pacific economies, insurance providers are still working out how to best capitalise on the opportunity that SMEs present.