June 1, 2021
Caribbean Export and Caribbean Development Bank (CDB) partner to support regional MSMEs retool and preserve jobs with financial assistance.
Caribbean Development Bank to provide US$600K in grant funding to MSME’s via a new Technical Assistance Programme.
The Technical Assistance Programme will assist MSMEs mitigate impact of COVID-19 and support ongoing capacity building.
MSMEs will be able to apply for grants of up to US$15,000.
The Caribbean Export Development Agency (Caribbean Export) and the Caribbean Development Bank (CDB) in collaboration with the European Union, have entered a partnership to support regional MSMEs with financial assistance to help businesses retool and preserve jobs.
CDB will fund a US$600K grant facility via a Technical Assistance Programme (TAP) to mitigate the impact of COVID-19 and providing ongoing capacity building through e-learning.
“Caribbean Export is honoured to have been entrusted by CDB to implement such an important programme for our regional MSME’s. The funds are not only timely, but they are also necessary, if firms are to come back stronger, preserve jobs and create more” shared Damie Sinanan, Manager of the Competitiveness and Export Promotion division responsible for the TAP at Caribbean Export.
Daniel Best – CDB
Daniel Best – Director of the Projects Department (CDB)
Director of the Projects Department at CDB, Daniel Best, said the initiative responded to an “urgent need for technical assistance and capacity building programmes to help businesses survive, remain competitive and regain market share in export and domestic markets” in the wake of COVID-19. He stated that it aligned with several other measures including loan support and capacity-building, which the Bank had supported in the past year to assist the business sector in its Borrowing Member Countries.
The two organisations collaborated in 2020 with a regional survey to assess the impact of the COVID-19 pandemic on MSMEs operations; ascertain the level and areas of support that would be required to assist SMEs during the crisis; and better position firms to cope with the economic fallout. The survey highlighted that almost 50 per cent of respondents were forced to close physical locations, whilst approximately 45 per cent ceased production of goods and services and 80 per cent had no continuity plan.
In view of these findings, the TAP presents an opportunity for these MSME’s to gain the technical assistance needed to develop their businesses to rebuild and retool in a manner to withstand future shocks.
MSME’s will be able to apply for grant’s of up to US$15,000 to be used on various technical assistance projects including, but not limited to Resource Efficiency and Renewable Energy; Digitisation of Business; Marketing & Promotions; Building Resilience; Purchase & Upgrade of Capital Goods; Certification; Capacity Building and Protection of Intellectual Property Rights.
To bring a holistic approach to supporting regional MSMEs impacted by the COVID-19 the provision of a suite of capacity building tools to complement the technical assistance are also to be developed. These tools will be made available to MSMEs online via an e-learning portal hosted by Caribbean Export. E-learning and its inherent accessibility advantages are even more important during this time when travel restrictions are still in place.