SMALL and medium size Guyanese businesses can tap into a grant which would enable them to access up to €30,000, equivalent to GY$7,200,000, to help fast track their recovery from devastating effects caused by the COVID-19 pandemic.

The funding is available through the Direct Support Grants Programme (DSGP) by the Caribbean Export Development Agency and is funded by the European Union under the 11th European Development Fund (EDF) Regional Private Sector Development Programme.

During an interview with the Guyana Chronicle, Dr. Damie Sinanan, Manager, Competitiveness and Export Promotion, Caribbean Export Development Agency, related that the grant was developed in response to the immediate need for firms to retool and mitigate the impact of the COVID-19 pandemic.

“The idea is that the grant funds will be used to build the businesses, they will grow, expand, hire more people and earn more foreign exchange when they export and that will contribute to the economic development of Guyana which will in turn contribute to the economic development of the Caribbean,” he said.

Under the initiative, Caribbean Forum of African Caribbean and Pacific States (CARIFORUM) businesses can receive a non-reimbursable grant valued between €10,000 – €30,000 to implement an approved project they propose from a total available grant facility of €3,000,000.

Funding will be provided for areas including digitalisation of businesses, resource efficiency and renewable energy, marketing and promotions, research and development, purchase and upgrade of capital goods, certification, capacity building and protection of intellectual property rights.

Businesses desirous of accessing the grant can visit Caribbean Export Development Agency’s website at www.carib-export.com/dsgp2021 where they will be able to download the requisite application forms and guideline documents.

The firms will have to write a proposal of how the funding is intended to be used. This includes firms elaborating on their business’s mandate, and articulating the project they are desirous of executing. They will also have to submit a budget not exceeding €30,000 of how they intend to spend the funds.

“What we ask is that firms write strong proposals because it’s a competitive grant and you’re talking about thousands of firms across the region and we have a limited basket of funds, so you have to make sure that you’re competitive so sit down take time and articulate your proposal properly,” Dr. Sinanan said.

To make things easier, during his visit to Guyana, Sinanan has been working with business support organisations such as the Guyana Manufacturing and Services Association (GMSA) and the Small Business Bureau to enlighten those organisations of the grant so they can further assist local businesses.

The period to execute the project proposed by the business may not exceed six months from the signing of the Grant Contract and guidance will be provided by Caribbean Export Development Agency on how to complete the project over the project lifeline.

The Caribbean Export Development Agency will also be hosting a series of webinars in the coming week to help firms draft their proposals and provide assistance with the application process. Business can also ask questions at the forums or direct those questions to info@carib-export.com.

The grant is available to businesses that have export potential or are already exporting, to increase their capacity and competitiveness, boost export earnings and create precious jobs.

Caribbean Export Development Agency is the regional trade and investment promotion agency for the CARIFORUM Region, focused on building a resilient Caribbean by providing cutting-edge and high-impact support to the private sector.