The Enterprise Assistance Grant Programme is an initiative for assisting in jump-starting Tobago businesses. The grant is offered to entrepreneurs establishing their own small business. It is also for persons who have already established small businesses, but require additional support to further expand or improve the products or services offered. Applicants can access up to$25,000 in grant funding.
Scope of the E.A.G.P
All funding supported by the programme is accessed via application made through the Business Development Unit approved by the Secretary of Finance and Enterprise Development via the Fund Management Committee. Activities requiring support from the programme should:
- Possess specific and measurable objectives
- Take the form of a written proposal with cost projections
- Be budgeted and accounted for
The E.A.G.P supports activities which focus on environmental sustainability, improving the value chain of businesses, expanding the base of economic activity, developing entrepreneurs and facilitating innovation in business. Sectors have also been targeted for funding this includes, among others:
- Small scale garment manufacturing and tailoring
- Preparation of baked goods
- Marketing and or advertising services
- Small scale farming and agro processing
- Manufacturing
- Motor vehicle repairs not for stocking spare parts for resale
- Landscaping & horticulture
- Personal health care
The purchase of completely finished goods for the purpose of resale will not be facilitated.
Evaluation
Each application is evaluated on its own merit, guided by the following:
- The technical feasibility
- The technical expertise and experience of the entrepreneurs
- The character of the applicant including the details of a Police Certificate of Good Character
- The profitability and sustainability of the business proposal.
The Process
The BDU’s Customer Service Representative (CSR) will provide a checklist and any other relevant details of the Grant Programme.
- Acceptance of completed application with ALL supporting documents
- Pre-screening (inclusive of site visit) Business Development Unit’s, Loan Officers will assess the feasibility of the proposal
- A report is completed by the Loans Officer
- The General Manager and Manager assess and comment on report
- A submission is then made to the Fund Management Committee (FMC) for consideration
- Submission to Secretary of Finance and Enterprise Development for final approval
- Business development training is scheduled for positively appraised applicants – they are contacted via telephone and mail
- Unsuccessful applicants will be issued written correspondence
- Approved applicants are contacted by Loan Officers to read and sign Grant Agreement Forms
- Disbursement Officer prepares document(s) to be sent for processing and issuing of cheque/s
- Document/s are returned to Disbursement Officer for the disbursement of cheque/s
- Disbursement Officer prepares accompanying letter/s for the cheque/s for the supplier/s to stamp and sign, verifying receipt of cheque in exchange for the product/s requested
- Letter is returned to the Disbursement Officer verifying that the item/s was purchased; letter is kept on file. Cheques are made payable to the suppliers rather than the applicants.
Monitoring
The applicant must agree to visits after the funds have been paid to ensure that the grant is being used for the intended purpose. Any breaches discovered will result in the grant being converted to a loan, or being immediately recalled and the client required to immediately repay the full amount.
The entire process, from submission of application to the disbursement, is usually completed in six (6) to eight (8) weeks, however, on occasion unique circumstances associated with particular applications may extend the process.
Contact Information
Customer Service Representative
Business Development Unit
Level 2, Victor E. Bruce Financial Complex,
#6-10 Post Office Street,
Scarborough
Telephone: 639-4412 Ext 3107
Email: bdu@gov.tt
