Financial Support Services
- MTI Grant Fund Facility for Local Producers of Alternatives to Wheat Flour
This Grant is solely for local producers of alternatives to wheat flour. With the newly expanded Grant Fund Facility, SMEs can access financing for the acquisition of machinery and equipment to be used in the manufacture of alternatives to wheat flour. The facility provides individual Grants to cover 75%, up to a maximum of TT$340,000.00 (approximately US$50,000.00), of the cost of the acquisition. (The Grant does not cover working capital, or land, building and installation costs).
- MTI Grant for Micro and Small Enterprises in the Yachting Industry
This grant is solely for micro and small enterprises involved in services related to: ship building, repair and maintenance; servicing of vessels, including yachts, such as fiberglass work, welding, woodwork, upholstery services, sail making, electronics and electrical work, painting and rigging; hospitality services; travel agency services; and yacht brokerage.
Micro businesses in the yachting industry will be eligible for a cash grant of TT$20,000.00 to cover 100% of the following business cost:
- New machinery, equipment and tools or upgrades thereof up to a maximum of TT$20,0000
- Raw materials up to a maximum of TT$20,000
- Utilities up to a maximum of TT$5,000
- Rent up to maximum of TT$15,000
The Grant will cover the following business costs for Small businesses in the yachting industry:
- New machinery, equipment and tools or upgrades thereof 75% of the cost of machinery, equipment or tools up to a maximum of TT$50,0000
- Raw materials 75% of the cost of raw materials up to a maximum of TT$30,000
- Utilities 100% of utilities cost up to a maximum of TT$5,000
- Rent 100% up to TT$10,000
- ExporTT Standards Implementation
Provides funding to companies for the implementation of international standards such as, but not limited to GMP, HACCP, ISO, etc. The grant allows companies to be reimbursed up to 50% of the total cost of the project value to a maximum of TT$35,000.00 per company per year.
- ExporTT Certification Programme for Foods / Beverage Standards & Other Product Compliance
Provides financial assistance to the Manufacturing Sector (including Agro-processing), for a range of applicable international standards to boost production of non-energy exports and contribute to import substitution. Funding is provided in the form of grants, up to a limit of TT$500,000.00 and will be limited to one grant per beneficiary and will partly cover the costs associated to meet recognized international standards.
- MTI Steel Pan Manufacturing Grant (SPMFG)
Eligible local steelpan manufacturers can access individual Grants, up to a maximum of TT$250,000 per tranche, not exceeding TT$1,000,000.00 per entity, to fund the acquisition of new machinery, equipment, software, tools, raw materials and training.
- MTI Research and Development Fund
Provides funding to stimulate and support investment in new and advanced technology and innovation as a competitiveness enhancement tool for enterprises in the non-energy manufacturing and services sectors.
It provides funding for the successful marketplace entry of innovative and technology driven business ideas in Financial, Maritime and Aviation Services, Software Design and Applications, Creative Industries, Fishing and Fish Processing, Agriculture and Agro-Processing.
Eligible companies can access funding in three (3) phases: Phase 1: Feasibility- 70% of the total cost of the project up to TT$100,000.00;
Phase 2: Product and service development- 50% of the total cost of the project, up to TT$750,000.00;
Phase 3: Product/Service Commercialization- up to TT$150,000.00
- MTI Grant Fund Facility
Provides financing to SMEs involved in Software Designs and Applications, Fish and Fish Processing, Aviation Services, Financial Services, Manufacturing, Agriculture and Agro-Processing, Maritime Services and Creative Industries, for the acquisition of new capital requirements/expenditure. Local businesses can access individual Grants, up to a maximum of TT$250,000 per beneﬁciary, to ﬁnance 50% of the cost of the acquisition.
- THA Business Development Unit Enterprise Assistance Grant Programme
The Enterprise Assistance Grant Programme (E.A.G.P.) was established to assist in the jump-start of micro and meso enterprises on the island of Tobago. It was realised that under-capitalization and the lack of market research are critical factors contributing to business failure. As such, the E.A.G.P. can be utilized for the acquisition of capital assets which add value to the business venture and by extension promotes the project’s economic viability and sustainability. In addition to which, Grant recipients would also benefit from the Mandatory Business Training which aids in alleviating some of the issues relating to the lack of business research, customer service, as well as bookkeeping and budgeting.
Since the Business Development Unit sees itself as a partner with all other stakeholders in the development of the economic landscape of Tobago, the E.A.G.P will focus on:
- Environmental sustainability
- Improve the value chain of businesses in the micro and meso sector
- Expand the base of economic activity – diversification
- Develop entrepreneurs through the injection of fund capital
- Allow for creative and innovative ideas to be converted to business success
The Enterprise Assistance Grant Programme will provide funding for approved business projects up to a maximum of twenty-five thousand ($25,000.00).
To ensure that the duplication of services is minimized and that access is afforded to the disenfranchised, the following would be targeted:
- Micro and Meso Entrepreneurs
- MUST, YTEPP,CCC Graduates, YAPPA, CEPEP employees
- University Graduates (UWI, UTT, COSTAAT, TTHTI)
- Village Councils, Churches and other NGOs
- Food Card recipients and other social services support groups
Although the list is not exhaustive, applications in the following areas will be encouraged:
- Small scale garment manufacturing and tailoring
- Preparation of baked goods
- Marketing and or Advertising services
- Small scale farming and agro processing
- Motor vehicle repairs – not for stocking spare parts for resale
- Landscaping & Horticulture
- Personal Health care
- NEDCO Grant Funding
Micro and Small Enterprises that have been negatively impacted by the COVID-19 pandemic are invited to apply for the Entrepreneurial Relief Grant from the Ministry of Finance in collaboration with NEDCO. MSEs that earn less than TT $1,000,000 in annual revenues, and have been negatively impacted by the global pandemic. MSEs can access up to TT $20,000 in grant funding to help cover business-related expenses such as salaries, rent, stock and other working capital items. This grant is applicable to all existing businesses. Applicants must be a citizen or legal resident of Trinidad and Tobago who attained the age of 18 years and over. Business owners can only apply for one business even if they own more than one.