New business

CFO: Funding available for new business ventures | New

Finance SECRETARY David DLG Atalig said there is government funding for new business ventures.

“It’s an exciting time for the Commonwealth when we can help our business community and entrepreneurs who want to open their own businesses,” he said. “We have many programs that can help with funding and planning,” he added.

He noted that business loans and grants are available through the federally funded BOOST scheme, the Department of Commerce and the Commonwealth Economic Development Authority.

“You can also be assisted by the Small Business Development Center in writing business plans and strategic marketing plans,” Atalig said.

“I would like to strongly encourage those who want to start a business, please seek help from SBDC and realize your business ideas,” he added.

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He said that in 2021, 1,232 business license applications were approved while 65 businesses closed.

“In 2022, we had 619 business license applications that were approved while 38 businesses closed. We still have more than four months left in the [calendar] year and companies are still renewing their licenses or opening new businesses.

Atalig added: “We are seeing new apartments and commercial rental businesses renewing or coming online.”

He said there were also “several new retail licenses coming up and I think these are businesses that are gearing up for the rise of our tourism market”.