CASTRIES, St. Lucia, CMC—The St. Lucia-based Organisation of Japanese Caribbean States (OECS) Fee mentioned Monday it can launch Window 2 of the Regional MSME Matching Grants Programme (MGP) on February 12.
It mentioned that this system is a key element of the “Unleashing the Blue Economic system of the Japanese Caribbean (UBEC)” undertaking, which is designed to help micro, small, and medium enterprises (MSMEs) throughout the blue financial system sectors in Grenada, St. Lucia, and St. Vincent and the Grenadines.
The UBEC undertaking is a World Financial institution-funded initiative to advertise the sustainable use of marine assets and advance climate-resilient economies within the Caribbean.
It’s targeted on the fisheries, marine/coastal tourism, and waste administration sectors. The undertaking helps MSMEs in these sectors in adopting sustainable practices, creating financial alternatives, and enhancing regional collaboration.
The OECS Fee mentioned that the digital launch on February 12 is aimed toward offering very important info on the applying course of and eligibility standards for potential candidates. The Window 2 Name for Proposals will stay open till March 19 this 12 months, giving MSMEs and worth chain teams a window of time to use for grants to strengthen their companies and operations.
“This funding is open to worth chain teams that embody companies concerned in waste administration, marine/coastal tourism, and fisheries. This system seeks to create stronger market linkages, improve collaboration amongst MSMEs, and improve worth creation throughout these sectors’ blue financial system worth chains. The main focus is just not solely on growing productiveness and competitiveness but in addition on making certain the sustainable administration of the Caribbean’s very important marine and coastal belongings,” the Fee mentioned.
It mentioned that the Regional MSME Matching Grants Programme has already seen important success with Window 1, supporting particular person MSMEs with grants starting from US$5,000 to US$25,000.
“With the launch of Window 2, this system takes a significant step ahead by providing substantial grants of between US$100,000 to US$200,000 to worth chain teams, comprising of at the very least three MSMEs, working within the waste administration, marine/coastal tourism, and fisheries sectors.”
The Fee mentioned that these sectors play a vital function within the sustainable improvement of the Caribbean. Window 2 seeks to strengthen its competitiveness, create extra jobs, and improve innovation whereas encouraging adopting climate-resilient practices.
“The matching grants will empower MSMEs to extend productiveness, enhance enterprise relations, and develop their market attain, driving financial development within the area’s blue financial system.”
It mentioned a price chain group within the blue financial system refers to a collaborative community of companies and entities that work collectively to reinforce the manufacturing, distribution, and worth creation of products or companies associated to the sustainable use of marine and coastal assets. “These teams are usually targeted on strengthening particular sectors inside the blue financial system, akin to marine /coastal tourism, fisheries, and waste administration, to enhance competitiveness, innovation, and sustainability,” it added.
Current worth chain teams consisting of at the very least three enterprises working inside the fisheries, marine/coastal tourism, or waste administration industries within the taking part islands of Grenada, St.Vincent and the Grenadines, and St. Lucia are eligible to submit functions.
The Fee mentioned that they should be legally registered or have a registered enterprise identify and function in any one of many three islands. They should have been in operation for at the very least two years, supported by monetary statements for the final two years, which will be audited or unaudited however should be offered in response to Worldwide Monetary Reporting Requirements (IFRS).
“Alternatively, they’ll every present financial institution statements for the final two (2) years. Every MSME inside the worth chain group should have a enterprise checking account. That is important to make sure that correct monetary practices are in place and to facilitate the transaction of funds.”
