02 Sep, 2020
The Caribbean Export Development Agency in collaboration with the European Union has launched the Direct Support Grants Programme, a newly developed grant facility in response to COVID-19 and the need for CARIFORUM firms to access finance during a time when cashflow has been significantly restricted. CARIFORUM firms will now be able to submit proposals or applications for a Direct Support Grant (DSG) 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” announced Anthony Bradshaw, Officer in Charge at Caribbean Export.
“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 EDF 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 our recent survey of four hundred and eighty-two (482) CARIFORUM firms.
CARIFORUM firms can apply for a grant valued between €5,000 – €15,000 for the implementation of projects in the following categories;
- Energy Efficiency and Renewable Energy
- Marketing & Promotions
- Business Recovery
- Equipment Purchase & Upgrade
- Capacity Building
- Business Continuity Planning
- Protection of Intellectual Property Rights