MSME Amendments 2022 - Invest Turks and Caicos

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.
Agency
contribution
increased to 75%
for Technical Assistance not
exceeding $2,000.
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:
Heritage/cultural
Historical preservation
Public/Mass
Transportation
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.