We are going through some tough times and while it isn’t “business as usual” for any of us, we still have a business to run, however unusual it may be right now. To make things simple for you, during these past few weeks, we went through all the resources available to small and medium businesses and picked the ones mostly likely to suit your business! (For our very own Support Scheme Initiative, head over here 👈)
N.B. The article was updated to add additional resources following the extension of the lockdown.
1. Getting support from SME Mauritius 🗂
SME Mauritius’s COVID-19 “Finance et plans de soutien” includes five measures for a support of up to Rs 150,000 per SME:
- Internal Capability Development Scheme
- SME Marketing Support Scheme
- SME Utility Connection Assistance Scheme
- Technology and Innovation Scheme
- Inclusiveness and Integration Scheme
2. Loan facilities for your SME 🏦
Here’s what’s available to you if your business has a turnover of:
Up to Rs 50 million (for micro, small and medium enterprises)
A six-month moratorium on:
- Capital repayments and interest payments for existing loans with commercial banks
- Both capital and interest payments for new loans with commercial banks
…and up to Rs 10 million (for micro and small enterprises)
- Loan facilities are available through the Development Bank of Mauritius (DBM)
- The DBM will disburse up to Rs 1 Million to eligible applicants
How to cover your rent? Here’s how the government can help!
If you need help covering your rental costs, loan facilities are available for those renting private-owned building. You can do this through either two of these institutions depending on the size of your business:
- The DBM – with no interest payable if the loan is repaid within 9 months (i.e. until December 2020!) for micro and small enterprises
- Commercial Banks – under the BOM’s Special Relief Fund for other enterprises
3. Cover your wages with the Wage Assistance Scheme 📄
The Wage Assistance Scheme was extended for the month of April to cover 1-month’s basic salary for employees drawing up to Rs 50,000 (capped at Rs 25,000 assistance per employee)!
4. And if you’re self-employed, there’s a scheme for you too! 🧑💻
Recently announced by the Government, here’s more on what the Self Employed Assistance Scheme is all about:
- A financial support of Rs 5,100 (between March 16th and April 15th). This concerns self-employed individuals in businesses and casual workers. Your total monthly household income must not exceed Rs 50,000.
- An additional amount of Rs 2,550 per self-employed individual was added as part of the scheme to cover the period of April 16 to April 30.
5. All the other resources 📒
- Bank of Mauritius’ Support Programme, dated 13 March 2020 & 23 March 2020
- SME Mauritius’ COVID-19 Finance et Plans de soutien
- State Investment Corporation’s Plan de soutien
- Ministry of Finance’s Plan de soutien aux entreprises
- Mauritius Revenue Authority’s COVID-19 Measures
- Mauritius Commercial Bank’s SME COVID-19 Measures
- State Bank of Mauritius’ additional Rs 2 billion Credit Line
- Fundkiss’ Working Capital Support Scheme
6. And lastly, we are our biggest supporters! ✊
In times like these, we cannot help but feel the importance of supporting each other. We see how, as the community that you grew to be, you interact with each other, help each other and keep in touch with each other. This is what matters and we love seeing it! That’s how we’ll get through this together and that’s how we know we will be coming back a stronger community.