Marc Sandy
Grant funding opportunities for micro, small, and medium-sized enterprises (MSMEs) are significant, particularly through the Ministry of Trade and Industry (MTI), which has allocated $65 million from September 2023 to March 2024 to support their growth. Key funding options include grants for acquiring machinery, enhancing research and development, achieving international certifications, and supporting export activities. Let’s navigate the resources available to MSMEs to foster their growth and success.
The growth and development of MSMEs are critical to the country's economic diversification and sustainability. To facilitate this, the government has implemented various financial support mechanisms. The MTI has an extensive grant and incentive scheme that offers considerable support to MSMEs.
Exploring the key opportunities available can reveal valuable resources for these businesses.
Grant Fund Facility
The Grant Fund Facility provides new opportunities to develop small and medium-sized enterprises (SMEs) that produce high-value-added products and services and can compete in export markets. With grant funding, companies can acquire machinery and equipment and, in some instances, software, tools, and patents for new technology.
SMEs (sole proprietors, partnerships, or companies) wholly owned by nationals and operating in TT are eligible. They must be export-oriented, producing an import substitute or identified to support economic diversification. These SMEs must be registered and in operation for at least two years.
Specific industries are eligible. Up to $250,000 is given per beneficiary to finance 50 per cent of the acquisition cost.
Steelpan Manufacturing Grant Fund Facility
This facility provides new machinery, equipment, software, tools, and raw materials, as well as training to aid local steelpan manufacturers. In June 2023, the government expanded the facility to include manufacturers of sticks, stands and cases, as well as selected costs related to the export promotion of steelpans and the adoption and use of e-commerce platforms and online payment systems for the sale of steelpans.
[caption id="attachment_1139890" align="alignnone" width="500"] Marc Sandy -[/caption]
Steelpan manufacturers, tuners, and manufacturers of steelpan accessories (sticks, stands, and cases) are eligible. Sole proprietors, partnerships or companies registered and operating in TT and wholly owned by nationals are eligible. Grants are for acquiring new machinery, equipment, software, tools, raw materials and training. Businesses must be in operation for a minimum of two years. Up to a maximum of $250,000 per tranche, not exceeding $1 million per entity, is offered.
Research and Development Fund (RDF)
The RDF financially supports the non-energy manufacturing and services sector. It aims to stimulate and support investment in new and advanced technology and innovation to enhance competitiveness for enterprises in these sectors.
The RDF is open to non-energy manufacturing and services members,
