29 Oct 2007

Aid agency plans to provide seven figure grants to larger Pacific businesses

8:09 pm on 29 October 2007

The Australian Government aid agency, AusAID, is to fund businesses in the Pacific with matching grants of nearly one point four million US dollars.

Through its Enterprise Challenge Fund it will be seeking out businesses that can create markets and jobs and help alleviate poverty.

The Fund's director, John Hardin, says those chosen will need to satisfy a rigorous process that will require business plans and financial projections.

He says this will not be hurdle because the Fund represents a different approach to aid with large businesses being sought.

"We are not working with micro and in most cases not with small businesses. We will tend to be operating with the medium and larger scale businesses and it is those businesses that we believe will have the resources and the capabilities to develop a business plan. After all we are offering matching grants here that are up to one and a half million Australian dollars."

John Hardin