MSMEs to get more funding

by Marlon Madden

Come next month, small business operators in Barbados and the rest of the Caribbean Community (CARICOM) will have the opportunity to access up to US$25,000 in funding to help them improve their operations.

Executive Director of the Caribbean Export Development Agency Deodat Maharaj announced on Tuesday that as part of the agency’s grants and technical assistance programme, it would be introducing a new call for proposals in October, focusing mainly on female owned businesses and youth.

“Recognising the imperative of finance, we are currently planning to launch another call for proposals to provide grant funding under the 11th European Development Fund. We will have a larger antelope of funds through the continued generosity of the EU so that we can offer even more funding for you in the MSME sector in the region,” he announced.

“Within the context of our strategic plan . . . we believe we must focus on building the new economy, tapping into the opportunities that will be created by the blue and green economies. For sure, we need to help our MSMEs to prepare for this transition, given the possibilities for the sector, just in terms of jobs,” said Maharaj.

“We have been focusing these grants for projects on green technologies, innovation and the digitalisation of businesses, with marginalised groups including women and youth being specially targeted,” he added.

He was addressing the State of the Sector Conference of the Small Business Association’s Small Business Week 2021 on Tuesday, which was held under the theme The Road to Resilient and Resourceful Recovery. The Caribbean Export Development Agency and the Caribbean Development Bank collaborated with the EU earlier this year to provide support for regional MSMEs with financial and technical assistance.

Deodat reported that for the call for proposal that closed on July 9, 2021, there were some 350 applicants. He said the results from that will be released next month along with the criteria for accessing the new round of funding.

Under the last call for proposals, regional firms had the opportunity to apply for grants of up to US$15,000 for projects relating to digitalisation, marketing and promotions, resilience building, resource efficiency and renewable energy, certification, purchase and upgrade of capital goods, capacity building and protection of intellectual property rights.

marlonmadden@barbadostoday.bb