The National Entrepreneurship Development Company Ltd (Nedco) has ended the Entrepreneurial Relief Grant.
A statement sent on Thursday said the discontinuation took effect on December 13, citing the Cabinet's recent evaluation of the programme and the World Health Organisation saying the covid19 pandemic is no longer a global health crisis.
The programme, which started in June 2020 as part of the government's pandemic relief response, began with $30 million aimed at supporting micro and small enterprises (MSEs) facing financial challenges. Managed by Nedco, the grant provided up to $20,000 for MSEs with annual earnings below $1 million.
In April 2022, the government extended the grant until December 2022, adding an additional $20 million to the fund.
The release said the programme awarded 3,878 grants, totalling $34,164,500 in financial assistance to affected businesses.
Since the end of the grant programme, Nedco has launched new training and business advisory products specifically designed to support youth entrepreneurs, female entrepreneurs, entrepreneurs within the cultural arts sector and entrepreneurs living with disabilities.
These new training and business products aim to address challenges faced by different groups within the entrepreneurial community.
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