BAF support boosting business enterprises
BAF support boosting business enterprises
A steering committee in charge of implementing the Business Assistance Facility (BAF) visited a number of private enterprises yesterday to inspect and assess the business units that have received grant assistance from the project.
The BAF is a subcomponent of the diversification and competitiveness component of the Second Trade Development Facility Project (TDF-2).
The project is implemented by the Department of Small and Medium Enterprise (SME) Promotion under the Ministry of Industry and Commerce.
The department's Deputy Director General Mr Sa Siriphong, who is also a senior steering committee member for BAF, led a group of project officers and senior officials from the Ministry of Industry and Commerce to visit various grant recipient companies in Vientiane yesterday.
Mr Sa also spoke to media representatives, noting that the project is designed to support the SME sector in Laos through effective business plans and the growth of business operations.
“We provide a grant of 50 percent for private business units for their business expansion plans or offer a study tour to foreign countries. As a result of this grant, they will be able to improve their businesses and see a significant increase in the numbers of their customers,” he said.
The Lao Idea Company Limited, a local producer of Lao t-sh irts, was one of the businesses which received 50 percent of the funds for its study tour in Thailand recently.
Speaking to Vientiane Times , Director of Lao Idea Company Limited Mr Souvanny Saleumsok said that his recent visit to a dye manufacturing company was part of the support of the BAF while he was attending a trade fair in Thailand.
“My study visit was to visit a dye manufacturing company in Bangkok. And that is one of the most famous dye manufacturing companies. So, I have learned many lessons in relation to the diversification of dyes in the screen printing process,” he said.
He said that the BAF paid 50 percent of all his expenses during his business trip, including accommodation, transport and meals.
According to the project, more than 150 applicants have applied to the fund nationwide. A total of 102 business units have already received approval of funds amounting to US$567,000.
More than 50 units have already implemented funds of US$190,000, while 30 percent of the fund recipients have been female entrepreneurs.
Initially t he project provides funds to the private business sector in various fields, for technical training sessions, marketing research, development and improvements to production processes, business and marketing plans and attending trade fairs.
Business units from eight provinces and the capital Vientiane have already benefited from this funding assistance project.
The project is co-financed by Australi a, the European Union, Ireland, America, Germany and the World Bank.
Those private enterprises who are interested in accessing a grant from the BAF may visit the official website of the project at www.baflao.com or contact the project officers directly via (020) 2812 8956 or 2802 3183.
