14 Nov, 2019
- $3.5 million BBD has been allocated to CARIFORUM Firms
- 55 companies will receive grants of up to $66,000 BBD
- Funds have been provided by the European Union via the 11th EDF Regional Private Sector Development Programme
The Caribbean Export Development Agency (Caribbean Export) in cooperation with the European Union has awarded over $3.5M BBD (€1.5M) under their 2nd Call for Proposals for the Direct Assistance Grant Scheme (DAGS).
The 2nd call for proposals was launched in April of this year and the Agency received 104 grant proposal applications from across the region and fifty-five (55) proposals have been approved for grant funding.
“It is widely acknowledged that the most significant impediment noted by CARIFORUM business when it comes to business development and expansion is the lack of access to finance” informed Damie Sinanan – Manager, Competitiveness and Export Promotion at Caribbean Export. “The Direct Assistance Grant Scheme aims specifically to tackle this issue to enable more companies to export and grow.”
The total grant funding awarded to CARIFORUM firms under the 11th EDF now stands at over $8.3M BBD or €3.7M and the Agency intends to award more grants in the upcoming year.
Grant funding has been used for a range of projects including food safety certification, equipment modernisation to enable increased production, marketing and branding, product development amongst others.