MSME Amendments 2022

More Money

• Removal of application fee.
• Cash grants- Small Enterprises – $20,000; Medium Enterprises- $30,000
• An additional cash grant of up to $10,000 for expansion is accessible after agreed KPIs are met.
• Increased cash grant up to $50,000 for agriculture and fisheries related projects. However, both MSME and Agro incentive grants cannot be accessed simultaneously.
• Agency contribution increased to 75% for Technical Assistance not exceeding $2,000.
• Technical Assistance grant-$5,000 micro enterprise; $10,000 small enterprise, and $15,000 medium enterprise

More Benefits

• Individuals or small businesses not involved in a priority activity but plan to start a project that will be beneficial or significant or substantial economic benefit to the islands are eligible to apply.
• Technical Assistance is also a standalone benefit limited to business plan preparation and market feasibility studies.
• A small business that has previously received technical assistance can apply for additional technical assistance if the business requires further support.
• mandatory basic training to support capacity building and strengthening of small business.
• A small business expanding or scaling can submit a new application in the new fiscal year for the same project, once the initial concession order has expired.
• A Concession Order can be extended for a period of not more than a year. Allowing access to the unutilized approved benefits.

More Categories

Providenciales now included for Tourism activity. 

New Priority Activities:

• Heritage/cultural/historical preservation projects
• Public/mass transportation
• Healthy living/lifestyle
• Food processing/food packaging.
• Skilled and specialized services (accountants, surveyors, engineers, technicians, STEM)
• Businesses with direct correlation to the TVET program
• Sea salt harvesting/processing
• Renewable energy/energy efficiency
• Waste management/collection

Less Paperwork

• MSME application form condensed to 2 pages.
• Consolidation of agreements to a singular document termed MSME Agreement which outlines the benefits, terms and conditions of the grant including technical assistance, inspection and monitoring, penalties for brenches of the Programme.