OECS soon to launch call for proposals of the Regional MSME Matching Grant Programme

The Organization of Eastern Caribbean States (OECS) Commission has announced the upcoming launch of Window 2 of the Regional MSME Matching Grants Programme (MGP), which is set to open on February 12, 2025. The Programme, a key component of the Unleashing the Blue Economy of the Eastern Caribbean (UBEC) Project, is designed to support Micro, Small, and Medium Enterprises (MSMEs) across the blue economy sectors in Grenada, St Lucia, and St Vincent and the Grenadines, a release from the OECS states.

The virtual launch event will take place on February 12, 2025 at 10:30 a.m, via Zoom, and is aimed at providing vital information on the application process and eligibility criteria for potential applicants. The Window 2 Call for Proposals will remain open until March 19, 2025, giving MSMEs and value chain groups a window of time to apply for grants to strengthen their businesses and operations.

This funding, the OECS states, is open to value chain groups that include businesses involved in waste management, marine/coastal tourism, and fisheries. The Programme seeks to create stronger market linkages, enhance collaboration among MSMEs, and increase value creation across the blue economy value chains in these sectors. The focus is not only on increasing productivity and competitiveness but also on ensuring the sustainable management of the Caribbean’s vital marine and coastal assets.

The Regional MSME Matching Grants Programme has already seen significant success with Window 1, which supported individual MSMEs with grants ranging from US$5,000 to US$25,000. With the launch of Window 2, the OECS says the programme takes a major step forward by offering substantial grants of between US$100,000 to US$200,000 to value chain groups (comprising of at least three MSMEs) operating in the waste management, marine/coastal tourism, and fisheries sectors.

These sectors play a critical role in the sustainable development of the Caribbean, and Window 2 seeks to strengthen their competitiveness, create more jobs, and enhance innovation while encouraging the adoption of climate-resilient practices. The matching grants will empower MSMEs to increase productivity, improve business relations, and expand their market reach, driving economic growth in the region’s blue economy.

What is a Value Chain?

A value chain group in the blue economy refers to a collaborative network of businesses and entities that work together to enhance the production, distribution, and value creation of goods or services related to the sustainable use of marine and coastal resources. These groups are typically focused on strengthening specific sectors within the blue economy, such as marine /coastal tourism, fisheries, and waste management to improve competitiveness, innovation, and sustainability.

Existing Value Chain groups consisting of a minimum of three enterprises, operating within the fisheries, marine/coastal tourism or waste management industries in the participating islands of Grenada, Saint Vincent and the Grenadines and Saint Lucia, can apply for grants.

Applicants must be willing to sign an agreement with other MSMEs affirming their commitment to work collaboratively and achieve goals of their projects.

Each MSME within the value chain group (three or more enterprises) must be legally registered or have a registered business name and operating in one of the following OECS Member States: Grenada, St Lucia, or St Vincent and the Grenadines.

Each MSME must have been in operation for at least two years, supported by financial statements for the last two years, which can be audited or unaudited but must be presented according to International Financial Reporting Standards (IFRS). Alternatively, they can each provide bank statements for the last two years.

Each MSME within the value chain group must have a business bank account. The OECS says this is essential to ensure that there are proper financial practices in place and to facilitate the transaction of funds.

Each MSME within the value chain group must have a maximum of 50 employees and annual revenues not exceeding US $1,000,000.

The application deadline is March 19, 2025 at 11:59 p.m.