A total of 40 businesses in the Small and Medium Enterprise (SME) sector received grants from the Ministry of Trade and Industry in a distribution ceremony at Nicholas Tower, Port of Spain, on March 25.

SMEs got support through the grant fund facility, the research and development facility, the grant facility for micro and small enterprises in the yachting sector, the steelpan grant fund facility, the export booster initiative and the business development grant.

Minister of Trade Paula Gopee-Scoon said over the past six months the ministry has provided about $6 million in grants to a total of 65 businesses.

“We understand that there are always financing challenges for SMEs. This is why government has agreed to introduce these incentives which would give financial support to those businesses. By accessing this financial support, funding has been made available to transform to reposition and to expand operations for growth,” she said.

She added that the funding through these grants shows the government’s support for SMEs, in particular in the non-energy sectors.

Michael Cooper, a recipient of the Testimonial Steelpan Grant praised the ministry for its support of his business.

“We have had a few challenges. We were actually on our last,” he said. “The grants were not just a shot in the arm; it was more like a blood transfusion. We have really benefited from these grants. Where we were to where we are now is just awesome.”

Lukchan Olivere, recipient of the grant fund facility for the yachting sector, thanked the ministry not just on his own behalf but on behalf of the yachting sector.

“Thanks so much for this opportunity to push our businesses to the next level and providing relief for our families,” he said. “This grant will ensure a better quality of work for the next generation.”

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