Minister of Trade Paula Gopee-Scoon has said the government has approved $10 million in grant funds which will be available for micro and small enterprises in the yachting sector.
Gopee-Scoon made the announcement during a press conference at Peake's Yachting Services in Chaguaramas on Wednesday.
She said micro-businesses classified as companies with less than or equal to $250,000 in annual turnover will be eligible for a cash grant of up to $20,000 to cover 100 per cent of their business costs.
Small businesses with over $250,000 but up to $8 million in annual turnover are eligible for cash grants of up to $50,000 to cover 75-100 per cent of business costs.
She said the grants were created to assist with the working capital requirements of small and micro-enterprises such as utilities, raw materials purchases, machinery, equipment and other tools necessary to their trade.
Applicants must be nationals of TT and must provide proof of experience in the industry.
Forms will become available for interested businesses on the ministry’s website and the office of the Yacht Services Association of TT (YSATT) by Friday.
“We ask that the TT Coalition of Services Industries (TTCSI) and the YSATT work closely with the government in building back our competitive advantage in the industry.”
She said TT has advantages such as being below the hurricane belt to lure yachters to the country as an ideal destination during the hurricane season.
The local currency is also cheaper than that of competitors to the north of TT.
“Our industry has become known to provide world-class yacht repair and services.”
She said 64 per cent of companies in the sector are involved in repairs, 19 per cent in hospitality, storage and dock spaces, and the remaining 17 per cent are in retail, travel agencies and yacht brokerages.
Gopee-Scoon said 2020 yacht arrivals from Canada for the months of January and February surpassed arrivals for the same period in 2018 and 2019 by 20 per cent and 26 per cent respectively, highlighting that 2020 was projected to be one of the better years.
Covid19 health protocols, including closed borders resulted in an overall decrease in yacht arrivals and the closure of some businesses.
One boater, Jim Ripple, said while he was glad to see the sector getting financial support, issues with Immigration continued to be a deterrent for foreigners.
“(It is) a big thorn in the side of almost all cruisers,” he said. “Something has to be done to make that a more welcoming experience. In all the other islands up north it’s easy to enter a country (and) they seem welcoming. But here, it seems like a burden to the people in those offices.
"It’s like they don’t want to see you here, and that’s the opposite feeling you want to get. The overall attitude has to be much better.”
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