MICRO, SMALL MEDIUM ENTERPRISE (MSME) ORDINANCE AND REGULATIONS AMENDMENTS AT A GLANCE
- Removal of application fee.
- Cash grants- Small Enterprises – $20,000; Medium Enterprises- $30,000
- An additional cash grant of up to $10,000 for expansion is accessible after agreed KPIs are met.
- Increased cash grant up to $50,000 for agriculture and fisheries related projects. However, both MSME and Agro incentive grants cannot be accessed simultaneously.
increased to 75%
for Technical Assistance not
- Technical Assistance grant-$5,000 micro enterprise; $10,000 small enterprise, and $15,000 medium enterprise
- Individuals or small businesses not involved in a priority activity but plan to start a project that will be beneficial or significant or substantial economic benefit to the islands are eligible to apply.
- Technical Assistance is also a standalone benefit limited to business plan preparation and market feasibility studies.
- A small business that has previously received technical assistance can apply for additional technical assistance if the business requires further support.
- mandatory basic training to support capacity building and strengthening of small business.
- A small business expanding or scaling can submit a new application in the new fiscal year for the same project, once the initial concession order has expired.
A Concession Order can be extended for a period of not more than a year. Allowing access to the unutilized approved benefits.
Providenciales now included for Tourism activity.
NEW PRIORITY ACTIVITIES:
- New Priority activities:
- Historical preservation
- Healthy living or lifestyle
- Food processing or food packaging.
- Skilled and specialized services (accountants, surveyors, engineers, technicians, STEM)
- Business with direct correlation to the TVET program
- Sea salt harvesting/ processing
- Renewable Energy/Energy efficient
- Waste management collection
- MSME application form condensed to 2 pages.
- Consolidation of agreements to a singular document termed MSME Agreement which outlines the benefits, terms and conditions of the grant including technical assistance, inspection and monitoring, penalties for brenches of the Programme.