Senior Reporter
peter.christopher@guardian.co.tt
Since September 2023, $6 million has been paid out by the Ministry of Trade and Industry to 65 small and medium-sized enterprises (SMEs) in the non-energy sector.
Trade Minister Paula Gopee-Scoon revealed this during a grant distribution ceremony hosted at the ministry’s headquarters at Nicholas Tower, Port-of-Spain yesterday as she presented grants to 37 recipients at the event.
Gopee-Scoon said, “The grant distribution demonstrates the Government’s support and commitment to economic expansion and advances the country’s diversification agenda. The Government understands the financing challenges of SMEs, and it is for this reason, the ministry introduced various incentives to support such businesses.
“Through these facilities, individuals and businesses can access funding to transform, reposition and expand their operations.”
Forty grants in total were distributed via various programmes including the Grant Fund Facility (GFF), the Research and Development Facility (RDF), the Grant Facility for Micro and Small Enterprises in the yachting sector, the Steelpan Manufacturing Grant Fund Facility (SMGFF), the Export Booster Initiative (EBI) and the Music Business Development Grant (MBDG).
Gopee-Scoon also made a call for more businesses to tap into the facilities available to grow and expand their businesses.
She said since the 2017 introduction of the GFF, it has provided funding to 38 SMEs with accumulated funding and investments of $8.05 million and $19.74 million respectively.
She added the RDF, which focuses on new and advanced technology and innovation, and export-related product modification, has seen 20 beneficiaries to date at an accumulated value of approximately $5.2 million.
The grant facility for micro and small enterprises in the yachting sector, which was introduced to revitalise the sector following the debilitating effects of the COVID pandemic in 2022, has provided 109 beneficiaries with funding of over $2.5 million, the minister explained while the SMGFF, which was launched in 2020, has provided nine businesses with accumulated funding of approximately $2.2 million to date.
Michael Cooper, president of local steelband company Panland, said the SMGFF had provided immense support to his company and others in the steelpan fraternity.
He said the financial support paid out had been more than he had seen under any administration.
“It has allowed us to live much better, more assured. We had a much better platform. We have recruited. We have doubled our staff and we are recruiting as you speak. Most of our businesses are in foreign exchange. We are on Amazon. We are training again. We have done a tremendous amount of training in this industry and we have resumed training because that is really the backbone of our industry,” Cooper said as he encouraged his peers to use the facility,
“I know that this has really given us a new life and we are totally grateful on behalf of other manufacturers in our industry who are really beginning to understand the benefits and not being fearful of the application process because that can be intimidating,” he added.