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Misa Wants New Funding To Reach Grassroots

Written by Pio Sioa
Friday, 27 June 2008
Deputy Prime Minister and Minister of Trade Minister, Misa Telefoni A new financial lifeline has opened up to give needed support to people in business or hoping to start up new ventures in the private sector. The Public Sector Support Facility, PSSF, kicks off with a combined funding pool of about $1.4 million tala. New Zealand Aid and the United Nations Development Programme, UNDP are the first contributors but it is likely there will be other donor bodies making contributions. Hopeful recipients are advised however that dipping into the funds is not any easy ask. Applications will only be considered seriously if a bureaucratic maze of terms and conditions are met. The Deputy Prime Minister and Minister of Trade Minister, Misa Telefoni officially launched the PSSF on Monday at the Development Bank Conference Room. “I would really like to see this initiative reach the first development level,” Misa urge, as he reflected on the collapse of a similar funding initiative started when he was Minister of Finance. Misa said the Capital Ventures scheme failed because the Asian Development Bank ‘pulled the plug on it. “I found out later that it was not attracting many people, that it was because it was not user friendly. Misa said the people gave up because they could not be bothered going through the process of trying to satisfy the tangle of terms and conditions for approval. The PSSF was written with that in mind, according to the Chief Executive Officer of the Ministry of Commerce trade and Industry, Lemalu Tate Simi. “This was a point I made when the facility was being put together, that it be made user friendly to make it easier for people to access,” Lemalu said. PSSF is divided into two main categories where applicants can apply for funding of between $20,000 - $50,000 or for a less amount of up to $20,000. “If you have a really good initiative and can see that development support from the PSSF will be good for Samoa and the economy, then we welcome your Application,” is the encouragement the funding wishes to promote in the private sector. “What I like about this funding is that it is private sector driven,” Misa noted, while referring to the assessment committee that is made up mostly of selected representatives from the private sector. The Ministry of Trade and Commerce will act as PSSF Secretariat, responsible for working with applicants on their applications. Comments (0) Subscribe to this comment's feed Write comment Name Email Title Comment
Last Updated ( Friday, 27 June 2008 )

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