Enterprise Business Development

This component aims at supporting ongoing and start-up businesses in rural areas through capacity building, technical services, and financing, with focus on young people.

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• Vocational & Skills

• Assessment of Prior Learning

• Entrepreneurial Training

Vocational & Skills Trainings

Leading to employment: through an MOU with Service Providers (TAMCC, NEWLO, GNTA)- Level 2 Caribbean/National Vocational Qualification Certificate (CVQ/NVQ)
VST Target -400 Young people16-35 unemployed / underemployed.

The Programme would provide Vocational and Skills Training (VST), apprenticeships and job placement, especially oriented towards males and females from 16 to 35 years old, with the purpose of increasing their possibilities to become employed through certified training. A total of 400 young people will be trained (60% female, 40% male) aiming at closing the existing unemployment gender gap. Support will be provided to the most vulnerable in the form of Transportation and Childcare assistance on a needs basis.

APL – Assessment of Prior Learning

Opportunities will be given to young people that are not certified, but have practical knowledge in a certain field and are interested in certification through Assessment of Prior Learning (APL). These young people would be identified by GNTA and 60 young persons will be assessed and acquire certifications without the need to receiving further training.

Entrepreneurial Training and Business Development Support Services

Through an MOU with the Grenada Investment Development Corporation (GIDC)

Start Ups

“Selected candidates must participate in Entrepreneurial Skills Training which will enhance their basic skills. Beneficiaries are trained in Life Skills, Basic Numeracy & Literacy, Information and Communication Technology (ICT), Entrepreneurial Skills Development, Grant Proposal Writing, Record Keeping and the provision of Counselling support.

Along the training process, young men and women will have the opportunity to develop a business idea supported by a comprehensive package of technical support services that will provide handholding support to achieve sustainable businesses. “

Grant Financing

The Programme will support the implementation of the most innovative and potentially profitable proposals with small grants to test their business idea. Thereafter, the successfully tested business idea will become a reality through the development of a business plan to access further financing to execute the business efficiently and effectively. Four Hundred (400) young people will have the opportunity access to the Grant on completion of the ET Training.

  • First Push Start - The aim is to finance short term objectives (activities that should be practical e.g. booth space, product testing etc.) towards implementing a business venture. Individual per initiative: $2,688.20 XCD ($1,000 US); Group Proposals $6,720.50 XCD ($2,500 US);Beneficiary contribution 5 % in cash or in kind.
  • Business Grant - This grant is to finance the long-term objectives of the business ventures. Individual per initiative $25,000 XCD ($9,300 US);Group Proposals maximum of $80,6464.00 XCD ($30,000 US)/Beneficiary contribution of 10% (5% in cash).

NB: Although the grant ceiling is $80,646.00XCD; to access financing, the maximum individual limit per initiative of $25,000 XCD is multiplied by the number of people in a group. Funds will be disbursed directly to the input supplier.

Existing Businesses

DEFINITIONS

  • Existing Business - a business in operation for at least three (3) years.
  • Micro, Small and Medium-sized Enterprises (MSMEs)
    • Micro – has less than five (5) employees with an annual turnover of less than EC$100,000
    • Small – has less than fifteen (15) employees with an annual turnover of less than EC$500,000
    • Medium – has sixteen (16) to fifty (50) employees with an annual turnover of less than EC$2 million
  • Technical Assistance – any non-financial assistance provided to MSMEs to support business growth and expansion.
  • Handholding Support – involves nurturing the growth and development of MSMEs through direct interventions for a period of two (2) to three (3) years until the business reaches self-sufficiency or sustainable levels where the support is no longer required.

ELIGIBILITY CRITERIA

  • have a commercially viable business
  • be either registered or incorporated or be willing to register the business name
  • be operating in the priority sectors as listed below
  • be registered with the Inland Revenue Division where applicable
  • be registered with the National Insurance Scheme
  • have financial records for at least two (2) years

SERVICES

  • Technical Assistance
  • Training
  • Handholding Support for two (2) to three (3) years

PRIORITY SECTORS

Selected MSMEs should be in the following priority sectors though not limited to:

  • Manufacturing
  • Tourism
  • Energy
  • Health & Wellness
  • Information Communication Technology
  • Agri-Business
  • Fishing
  • Farming