Premier and Minister of Finance Joseph Farrell said during the recent budget debates that his government will be supporting small businesses to purchase assets.
Farrell said one of the challenges brought forward while implementing the Enterprise Development Scheme was that small business owners often needed to replace assets which are not covered by the scheme.
He told Parliament that an applicant would not need to show proof of tax compliance to benefit from the option. No business plan is also needed.
The business owner is permitted to make the request by submission of an invoice to the Ministry of Finance to purchase small assets such as a stove or refrigerator; items needed in the operation of their business.
Even if the owner did not qualify for the EDS, they are permitted to request this support from finance. More details on the programme are expected to follow.
