Micro Small and Medium Enterprise Programme Recipients Receives Benefits
Providenciales, Turks and Caicos Islands, October 12th, 2016 – Invest Turks and Caicos and the Ministry of Finance, Investment and Trade is pleased to announce that four small businesses will receive financial and technical support as part of the Government’s Micro Small and Medium Enterprise (MSME) programme.
April 2016 saw the commencement of the Government’s Micro Small and Medium Enterprise (MSME) programme which is managed by Invest Turks and Caicos with support from the Centre for Entrepreneurial Development (CED) and Ministry of Finance. Governed by the MSME Development Ordinance 2015, the programme makes provision for the Government to provide Concession Orders to qualifying locally-owned businesses operating in any of the identified priority business sectors. The Concession Orders permit the company or start-up to specific benefits, namely: Cash Grant, Customs Duty Reduction and/or Technical Assistance depending on the size of the business.
Invest Turks and Caicos is pleased to announce that subsequent to Cabinet’s approval, the following small businesses will benefit from cash grants of up to $10,000, customs duty concessions and technical assistance.
- Caicos Tea Company, a herbal tea manufacturing business in North Caicos;
- The George Williams Museum, a new Heritage Museum on Providenciales;
- Idyllic Creations, a hand-made seashell jewellery business on South Caicos;
- Discovery VRBO, a vacation rental on Providenciales.
Vice President of Small Medium Enterprise Development, Alexa Cooper-Grant stated that Invest Turks and Caicos and partners were pleased to grant its first recipients with these various forms of assistance. Mrs. Cooper-Grant said the MSME programme is progressing successfully after a slow beginning and the Agency is now seeing various types of businesses and start-ups applying, which is an indication that local entrepreneurs are serious about owning their own businesses and in turn fostering economic development.
Mrs. Cooper-Grant noted however that there have been a number of challenges with regards to incomplete application forms and business plans which will lengthen the approval process. Mrs. Cooper-Grant explained that one of her main functions is to assist individuals with preparing the MSME application. The CED is also available to support applicants and refine their draft business plan before an application is lodged. She encourages interested individuals to make
an appointment with herself or the CED to have one on one sessions for full guidance and support. “If you are interested in applying, do not procrastinate. We are here to support you through the entire process. Call our office at 338 4779, or the CED at 9417233 to make an appointment”, stated Mrs. Cooper-Grant.
Invest Turks and Caicos look forward to announcing its next group of recipients in the coming weeks and encourages interested persons to make an appointment as soon as they have a sustainable business idea.
For more information on the MSME Programme, visit our website at www.investturksandcaicos.tc/msme or call our office at 338 4779.