Seychelles has recently put into effect a new leg of government, opening the doors for entrepreneurial transformation. According to Seychelles News Agency, the Ministry of Investment, Entrepreneurship and Business Innovation is gearing entrepreneurs up for growth by encouraging them to build on local financial resources.

Ministries which have handled the island’s SME development in the past have merged or broken off to handle existing duties like improving access to credit, which was previously the job of Seychelles’ Finance, Trade and Investment ministry.

“I cannot say we are going to solve everything overnight but we will work towards a program…with all our stakeholders to see how we can improve our macro-SMEs and big businesses so that they can continue making their businesses in Seychelles,” Michael Benstrong, Investment, Entrepreneurship and Business Innovation minister said in the report.

Working off of his experience as the CEO of Seychelles Commercial Bank, Benstrong pointed out areas of improvement that will help small business owners lock down bank loans. According to Seychelles News Agency, entrepreneurs should have a solid presentation which outlines in-depth research and potential for growth. Business hopefuls should also be in possession of “immovable property” which can compensate for the equal loan amount.

“I think the time has come for us to acknowledge that Seychelles as a nation, we do not have any big experience in business like other countries, for example, Mauritius,” Benstrong added. “So I feel that if we put more structures in place that will help improve the capacity of Seychellois they will get better access to credit.”

The ministry is stressing the importance of business innovation as it contributes to value-added products which Seychelles can greatly benefit from. It is the island’s hope that as more SMEs begin to flourish, more individuals will jump on the bandwagon and try to find an entry into the entrepreneurial ecosystem.