Tuesday 24 November, 2020

Caribbean Export offers cash support to small companies

iStock image

iStock image

The Caribbean Export Development Agency, in collaboration with the European Union, has launched a grant facility in response to the coronavirus (COVID-19) pandemic.

The new facility, Direct Support Grants Programme, seeks to help CARIFORUM firms access financing during a time when cash flow has been significantly restricted due to the COVID-19 pandemic.

CARIFORUM firms will be able to submit proposals or applications for a Direct Support Grant of up to €15,000.

“Caribbean Export is pleased to be able to address the needs of the CARIFORUM firms during this unprecedented time of uncertainty with a grant facility that enables firms to receive funds on a non-reimbursable basis rather than as in previous programmes, under the Direct Assistance Programme” said Anthony Bradshaw, Officer in Charge at Caribbean Export in an agency newsletter dated September 2, 2020.

“The Direct Support Grants Programme was developed in response to the coronavirus (COVID-19) pandemic.  In collaboration with the European Union we have been able to increase the overall amount of funding made available to CARIFORUM firms, to help towards mitigating the impact of the pandemic.”

A total of €500,000 has been made available through the European Union as part of the 11th European Development Fund, Regional Private Sector Development Programme.

“The European Union is pleased to see that our regional grant funding is going towards assisting Caribbean entrepreneurs getting back on their feet after a harrowing COVID_19 experience which has severely affected businesses. We also hope that they take this opportunity to capitalise on this initiative as they seek ways of re-engaging with their customers”, said Charge d’Affairs of the EU Delegation in Barbados Ovidiu Naftanaila.

This current allocation will be supplemented by additional resources given there is a high demand for this service among SMEs as highlighted in a recent survey of 482 CARIFORUM firms.

CARIFORUM firms can apply for a grant valued between €5,000 and €15,000 for the implementation of projects in the following categories:

•    Energy Efficiency and Renewable Energy

•    Marketing & Promotions

•    Business Recovery

•    Equipment Purchase & Upgrade

•    Certification

•    Capacity Building

•    Business Continuity Planning

•    Protection of Intellectual Property Rights

Caribbean Export will be accepting official applications until October 2, 2020. 

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