3.5 Million BBD to Support Firms to Export and Grow

  • $3.5 million BBD has been
    allocated to CARIFORUM Firms
  • 55 companies will receive grants of
    up to $66,000 BBD
  • Funds have been provided by the
    European Union via the 11th EDF Regional Private Sector Development Programme
Grant recipients Dr. Gayle Devaux-Segovia and Dr. Carlos Segovia, Directors of Natmed Herbals Ltd from Saint Lucia

Bridgetown, BARBADOS, November
12, 2019.
The Caribbean Export Development Agency (Caribbean Export) in
cooperation with the European Union has awarded over $3.5M BBD (€1.5M) under their 2nd Call for Proposals for the Direct
Assistance Grant Scheme (DAGS).

The 2nd call for proposals
was launched in April of this year and the Agency received 104 grant proposal
applications from across the region and fifty-five (55) proposals have been approved for grant funding.

“It is widely acknowledged that the most
significant impediment noted by CARIFORUM business when it comes to business
development and expansion is the lack of access to finance” informed Damie
Sinanan – Manager, Competitiveness and Export Promotion at Caribbean
Export.  “The Direct Assistance Grant
Scheme aims specifically to tackle this issue to enable more companies to
export and grow.”

The total grant funding awarded to
CARIFORUM firms under the 11th EDF now stands at over $8.3M BBD or €3.7M
and the Agency intends to award more grants in the upcoming year.

Grant funding has been used for a range
of projects including food safety certification, equipment modernisation to
enable increased production, marketing and branding, product development
amongst others.

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