Connect with us

Business

Recovery? Wave of business closures looming, says Mauritius SME Chamber

Published

on

Recovery? Wave of business closures looming, says Mauritius SME Chamber

After two years of turmoil since 2020, small and medium-sized enterprises in Mauritius are still struggling to survive, according to Maya Sewnath, President of the local SME Chamber. “And it’s only going to get tougher.”

“There is no such recovery as is being talked about. Because most SMEs are struggling to get by and make up for losses. We are running into more debt. Some entrepreneurs even fear that they will have to close their businesses next year,” she told l’Express.

She added that the mandatory end-of-year bonus for employees has become a real head-ache for entrepreneurs.

“Some even have had to get loans to pay the year-end bonuses for their employees”, she told Defi Media.

“Most of the problems of SMEs are related to finance, such as lack of capital, indebtedness, minimal profits,” she said.

The President of the SME Chamber claimed she sent numerous requests for meetings with the authorities, but in vain.

In an earlier interview, Sewnath had warned that many businesses would be unable to “continue like this” and would “inevitable close down in 2023”.

She had denounced the lack of support from the Government and banks.

Sources: l’Express, Defi Media

Bookmark (0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.