Prospero is promoting business growth of MSMEs by increasing access to business support services and markets, including ensuring the MSME voice is unified and heard by key decision-makers in the economy. The sector’s focus is on supporting MSMEs that work within the Prospero core sectors of Food & Agriculture, Tourism & Hospitality and Mining & Mining Services. At the same time, the sector will co-invest in MSME-led initiatives that promote remote rural access to health services and nutrition based on market-led, sustainable business models.
To address limitations to MSME’s competitiveness and growth, the Business Services Sector under Rural Enterprise hub (REH) and Business Membership Organization (BMO) initiatives focuses on:
- Increasing access to finance, where we develop partnerships with financial institutions and link them to companies and small businesses. For instance, in the rural enterprise hubs, we encourage financial service providers to set up shop at a hub to allow the communities to access financial services.
- Creating business opportunities for urban and rural MSMEs to unlock markets, diversify income streams, promote inclusive growth, and create jobs in remote rural communities.
- Improving access to health services and nutritious food products for underserved communities.
- Improving the capacity and effectiveness of local Business Membership Organisations (BMOs) to provide business services to MSME members.
The 2021 BMO strategy will improve the capacity and effectiveness of local BMOs to identify and create business growth opportunities for the private sector. We will focus our efforts on BMOs that work with MSMEs to improve the business environment.