BANK ONE
16, Sir William Newton Street
Port Louis, Mauritius
Today is World SME Day. The UN General Assembly has declared June 27 as the International SME Day to recognise the importance and immense contribution of SMEs to global economies. As we celebrate this special day, Bank One would like to place on record and recognise the vital role SMEs play in local and global economies. Bank One understands and appreciates the hardships entrepreneurs go through to make a success of their enterprises.
Small and Nimble: Powering entire economies and employment
In Mauritius, as in the rest of the world, Small and Medium Enterprises (SMEs) act as a crucial engine of the national economy and employment. With their innovative mindsets, agile work methodology and competitive operations, they bring to the table unique ideas, breakthrough products, and improved processes, thus powering economic growth and employment. No wonder then that the Organisation for Economic Cooperation and Development lauds entrepreneurship as the engine that lies at the heart of economic growth.
Indeed, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. The World Bank estimates that SMEs represent about 90% of businesses and more than 50% of employment worldwide. In Mauritius, SMEs represented 99% of all enterprises, 50% of employment, 35.7% of Gross Value Added and around 12% of total exports, according to a 2019 handbook by the Ministry of Industrial Development, SMEs and Cooperatives.
Resilience in the face of constant crises
With SMEs shoring up Mauritius across economic and employment paradigms, it is unfortunate indeed that the last three years have sorely tested the entrepreneurial spirit in the island economy. With COVID-19 raging for two long years and then being closely followed by the invasion of Ukraine by Russia, the period since the start of 2020 has been most trying for the SME sector.
In particular, the pandemic impacted global trade, which dropped significantly following the lockdown and subsequent prohibitive sanitary measures imposed by different countries. The situation proved to be more alarming for SMEs as they were too resource constrained to adapt to a changing context. A survey conducted by the International Trade Centre in 2020 on 4,467 SMEs in 132 countries revealed that 55% of the respondents were strongly affected by the global pandemic and one-fifth of them were on the verge of closing down their operations permanently in the near future. In Mauritius, in addition to being economically affected by the lockdown, SMEs faced problems in raw material imports due to the international supply chain disruption caused by COVID-19.
For businesses that have been hit hard by the pandemic and are looking to make a strong comeback, now is the time to uncover and seize these opportunities as the pandemic has upended traditional businesses and created new norms.
Despite all the challenges, difficulties and crises plaguing them, SMEs have been most resilient and agile in the face of these constant tremors that have shaken their very foundation. However, while SMEs have succeeded in weathering the storms so far, trusting to their resilience alone is not enough. Here in Mauritius, the Government acknowledges the role that SMEs play in furthering economic growth, employment and exports, and has consciously set up a conducive framework for their progress in these tough times.
Government laying the groundwork for supporting SMEs
Indeed, over the last two years, the Government has provided its full support to SMEs through the Wage Assistance Scheme and financing of additional remuneration. For the way forward, the recently read Mauritius Budget 2022-23 comes as welcome respite for the SME sector, with a slew of supportive measures for entrepreneurs. One of the most lauded announcements of Budget 2022-23 is the proposed amendment to the definition of SMEs.
Noting that SMEs are the driving force of growth and employment to the island, the Finance Minister unveiled an enlarged definition of SMEs towards increasing the assistance provided to them. Thus, the turnover threshold for micro enterprises has been increased from Rs 2 M to Rs 10 M, that for small enterprises from Rs 2 M – Rs 10 M to Rs 10 M – Rs 30 M and for medium enterprises from Rs 10 M – Rs 50 M to Rs 30 M – Rs 100 M. In addition, a new category of mid-market enterprises with turnover from Rs 100 M to Rs 250 M has been included under the SME Act. This enlarged definition will effectively enable some 142,000 enterprises to benefit from improved access to government support programmes and financing.
In addition, Budget 2022-23 also announced the intention of the Mauritius Investment Corporation to set up a Venture Capital Fund of Rs 5 B aimed at SMEs and mid-market enterprises.
Innovation set to provide the impetus from good to great
Finally, to not just survive but thrive and succeed to the next level, SMEs need to innovate and lay the groundwork to face potential changes and disruptions that will undoubtedly follow in the not-so-distant future. SMEs should always remember that challenges bring opportunities, and the biggest window of opportunity that COVID-19 brought in its wake is increasing digitalisation. SMEs must innovate and develop new ways of doing things. Indeed, new technologies have been proven to be important assets in helping countries to recover from disruptions caused by the pandemic.
Now is the time to truly realise this sector’s potential for taking the economy from good to great, with SMEs powering the digitisation of the economy with all the agility, innovation and resilience at their command. At Bank One, we would like to stress that we are here to help SMEs start, manage and grow their enterprise. So let us help you take your business from good to great.
WISHING YOU ALL A VERY HAPPY INTERNATIONAL SME DAY
Bank One Disclaimer
Legal Notice
Welcome to www.bankone.mu!
Please read the following important information before accessing this Website:
This Website is owned and operated by BANK ONE LIMITED and the use thereof indicate that you accept the Bank’s Terms and Conditions of Use.
If you do not agree to the Terms and Conditions of Use, you should not use the Website.
The Bank may, at its entire discretion, at any time and without notice, modify or update such Terms and Conditions of Use. Such changes shall be effective immediately and you shall be deemed to have accepted same if you continue to use the Website.
Although the Bank endeavours to provide correct information on its Website, it does not give any warranty express or implied as to its accuracy, completeness and reliability.
The Bank does not accept any liability for any errors or omissions of whatsoever nature as regards information, materials, functions and applications contained in its Website or as to any third-party Websites linked to or from its Website.
Terms & Conditions of Use
1) Information available on the Website are allowed to be printed and / or downloaded for personal use only and not for commercial purposes.
You may not reproduce, transmit or store any information contained on the Bank’s Website on any other Website without the Bank’s written permission.
2) The Website is intended to provide general information on the Bank and its products and services.
No information contained on the Website shall constitute or is intended to constitute financial, legal, accounting, investment or other professional advice or services. You are advised to take professional advice from a suitably qualified professional or adviser before taking any decision relating to your finances or business.
3) You acknowledge that information transmitted via the Internet is susceptible to monitoring and interception and you will be bear all risk of using such means. You further acknowledge that any unsolicited information communicated to us via Internet cannot be guaranteed to remain confidential.
4) The Website may contain technical, typographical or other inaccuracies and you are urged to contact us to confirm all information contained on this Website before placing any reliance on it.
5) The Bank agrees to make reasonable efforts to ensure full performance of its Internet Banking transactions. The Bank will be responsible for acting only on those instructions sent through Internet Banking which are actually received. The Bank does not assume responsibility for any malfunctioning in communication facilities not under its control that may affect the accuracy or timeliness of messages you send. The Bank will not be responsible for any losses or delays in transmission of instructions arising or caused by any browser software. It will, furthermore, not be accountable should you provide incorrect instructions or if your payment instructions are not given sufficiently in advance to allow for timely payment or delays in mail service.
Collection of Information
The Bank will not collect any information about you except where it is knowingly provided to us through this Website. The information we collect about you will depend on how you use the facilities offered via this web site.
In the event that you enter information in the process of completion of an online application form, the information will only be collected by us if you submit that online application to us. In other words, if you log out prior to submitting your application, any information which you had entered would be automatically deleted.
The Bank requires information to understand your needs and provide you with a better service, and in particular for the following reasons:
Internal record keeping.
Use the information to improve its products and services.
Sending periodicals and promotional emails on new products, special offers or other information which the Bank thinks you may find interesting using the email address which you have provided.
Our Contact Centre may call you to suggest products and services that are relevant to your needs based on the information you have provided.
Occasionally, the Bank may also use your personal information to contact you for market research purposes.
The Bank may contact you by email, phone, fax or mail and may use the information provided to customise the Website according to your interests.
The Bank will not sell or distribute your personal information to third parties unless it has your permission or is required by law to do so. You may request details of personal information which the Bank holds about you under the Data Protection Act 2004. If you would like a copy of the information held on you, please write to us.
If you believe that any information the Bank is holding on you is incorrect or incomplete, please write to or email us as soon as possible. The Bank will promptly correct any information found to be incorrect.
DISCLAIMER
In no event will the Bank be liable for any damages including but not limited to direct or indirect, special, incidental, consequential or punitive damages, losses or expenses arising out of the use of its Website, or incurred as a result of any failure of performance, transmission of information, any interruption or availability of its Website, delay in operation or transmission, computer virus, loss of data, or otherwise.
Neither the Bank nor its directors, shareholders, agents, consultants, representatives, officers or employees shall be liable for any damages or losses resulting from your use or inability to use its Website or any information contained therein, including without limitation any direct or indirect, special, incidental, consequential or punitive damages whether arising out of contract, statute and tort or otherwise.
"*" indicates required fields