BASSETERRE, St. Kitts – THE Eastern Caribbean Central Bank (ECCB) has extended an invitation to micro-business owners to make application for a mini-grant to purchase equipment for their thriving enterprise.
Applications must however be submitted by tomorrow (Feb. 6).
As explained by Sybil Welsh, Advisor within the ECCB’s Corporate Relations Department, the programme, Financial Information Month Mini Grant, seeks to empower and strengthen “micro and small businesses so that they could advance, and that really redounds to the benefit of economic growth and development and also employment opportunities”.
She also explained to SKNVibes that the grant was given to three businesses in 2013, five in 2014, and this year there would be eight beneficiaries.
Welsh further explained that the ECCB and its partners approached the staff of financial institutions and asked if they had new or gently-used items that were of value but were not in use. These, she said, were sold and the money generated was used as the seed for this project.
“The whole idea is to also demonstrate that we can do things. The idea is that little steps are what count in getting to a long journey but we first have to make the first step. And we wanted to demonstrate that the seed capital, though we are going to add funds to, top-up what we’ve gained from the bargain sales, that these small things that you do can make a big difference.”
The criteria by which applicants are judged are:
1. Good Chance of Longevity: The business' prospects for success over five years;
2. Economic Environment Proof: The business’ ability to operate well in an economic slowdown;
3. Grit: The applicant’s perceived ability to be sufficiently determined AND mentally organised to surmount the business challenges described and to endure the inevitable ups and downs; and
4. Profit: The business’ ability to generate sufficient net revenue to be profitable based on the knowledge of the market and economic environment.
“If an applicant can show that he or she has a credible business, the business is a sustainable one and can tell a compelling story that is easily understood, then the applicant is well on the way to being shortlisted,” Welsh said.
She reminded that the grant is not for money but the equipment would be purchased and presented to the successful applicants.
“We always emphasise that we purchase the equipment for that business. So they don’t have to deal with any of the stresses of procuring that equipment, whether it is locally or overseas. We purchase that equipment and we hand deliver to those businesses that equipment. Then we continue to check with them year after year to make sure that they are still operating and still moving forward, and so we can see the grant has made real inroads in driving that business’ success and helping it to move further and faster and further.”
Interested applicants are asked to contact the ECCB at 465-2537 soonest.
