Forty local businesses learn more about accessing grant funding

Forty local businesses now have a better idea of how to access grant funding and how to increase their likelihood of obtaining such funding.{{more}}

The businesses increased awareness came as a result of a two-day workshop held by investment agency Invest SVG, in collaboration with the Caribbean Export Development Agency (CEDA). The workshop was also aimed at providing Business Support Organizations with the necessary skills that would allow them to assist/advise businesses on the “do’s and don’ts” of putting together a proper proposal.

The workshop took place here in St Vincent and the Grenadines on May 22 and 23. There was also a session with several lending institutions on May 24.

Kirk Brown, workshop facilitator and Senior Grant Advisor at Caribbean Export Development Agency (CEDA), emphasized the importance of taking advantage of funding available through agencies such as CEDA. He also highlighted how imperative it is to understand the application process in order to improve chances of being awarded a grant, since the process is a competitive one, as applications are received from all 15 CARIFORUM member states.

CEDA provides financial assistance to small businesses through its Direct Assistance Scheme, which is funded by the European Union. The Scheme is designed to support established businesses with strong export potential.

Schemes are available in small/accelerated grants as well as large/regular procedures grants.

Funding of up to 5,000 euros (reimbursed up to a maximum of 70% (5,000) of project cost) is available for small grants/accelerated procedures, while for large grants/regular procedures, funding is available up to 30,000 euros (reimbursed up to a maximum of 70% ( 30,000) of project cost). All grants have a maximum duration of six months.

Annually Caribbean Export announces two major calls for proposals for businesses wishing to access grant funding. The next call is scheduled to open June 4th, 2012 and will run until June 29th, 2012, 4:30 p.m. EST.

Invest SVG will also be facilitating proposals which would be forwarded to Caribbean Export at no cost to the applicant. Additionally, businesses wishing to have their proposals reviewed before submission to Caribbean Export may do so at Invest SVG.

Fundable projects include: Research, Development and Innovation; Advisory services; Product and service development; Marketing services and activities (e.g. trade fairs participation, trade mission and in-market activities); Quality and environmental systems; Promotional materials (e.g. brochures, catalogues, CDs and video); Training programmes; Implementation of IT solutions (e.g. website, e-commerce and multimedia); Market research and testing; Packaging/design; Intellectual Property activities (e.g. brand registration and patents).