The enterprising amongst the Mauritian diaspora around the globe can access various business development programmes once they return home.
The Mauritius Business Growth Scheme (MBGS) is one of these vehicles available to the best and the brightest of Mauritian diaspora. The government set this up in collaboration with the World Bank to support enterprise productivity and competitiveness. In full operation since September 2010, the MBGS support comes in areas like skills and training, innovation, and tech upgrade.
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Monthly allowance support
This programme provides a start-up scheme granting MUR20,000 basic monthly loan allowance to innovative and creative entrepreneurs. The allowance is payable for a 12-month maximum period. It serves as seed money to start a business for new or technology-based products, services or business models.
Mauritian diaspora or any qualified entrepreneur availing of this scheme can repay the allowance granted after a three-year moratorium. The scheme allows extension of the repayment period up to five years.
Avenues for funding and consultancy services are available for returning Mauritian diaspora venturing into a business.
Consultancy and skill-building
The MBGS likewise features a payback scheme on technical loan assistance of up to MUR3 million for consultancy fees. The government shoulders 90 per cent of the consultancy fees, whilst the scheme applicant takes the remaining 10 per cent.
Small and medium enterprises are eligible under this 90:10 payback scheme. There is a three-year moratorium for the loan which is payable up to a maximum of five years.
Additionally, members of the Mauritian diaspora can also augment the skills they learned abroad via the free MGBS mentoring and coaching. An MGBS professional business mentor will guide a scheme participant on such areas as sales improvement and product launch.
Concessional DBM loans
The Development Bank of Mauritius (DBM) likewise offers schemes for returning Mauritian diaspora and other local entrepreneurs. Under the 2020-2021 government budget, the DBM is allocating loans of up to MUR10 million per enterprise. A concessional rate of 0.5 per cent per annum will apply on these loans.
Notably, the DBM is also promoting a culture of entrepreneurship among the country’s university students. In this initiative, the bank is stepping up its Campus Entrepreneur Challenge competition. The DBM will pick the 10 best projects from student entries in the competition. It will finance the winning projects at a concessional rate of 0.5 percent per annum for an amount of up to MUR500,000.
Besides the BDM, the Mauritius Research and Innovation Council provides additional funding schemes for projects of national importance like food and energy security. The agency has been tasked to recommend projects eligible under a new Technology and Innovation Fund. This fund set under the 2020-2021 government budget is allotted up to MUR2 million for equity in ventures for bright ideas from returning Mauritian diaspora and other entrepreneurs.
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