Providenciales, 30 Dec 2015 – Soon small businesses will be able to access money and technical assistance as the Micro, Small and Medium Enterprise and Development law is enacted.
Invest Turks and Caicos Agency is the vehicle government will use to source qualified applications according to the ordinance which was published in late November.
The Government will provide the money for both the ‘cash grants’ and the professional support Invest Turks and Caicos Agency is legally loosed to provide.
The Ordinance not only outlines what Invest Turks and Caicos Agency is mandated to do and how it is legislated to do it, but it defines what is a micro business and what is a medium business and how they must qualify to satisfy both the Agency and the Minister responsible.
The Minister of Investment and Trade will be the consulting Cabinet member for the applications but there is some worry on how fairness for applicants will be guaranteed. This very concern was brought to light in the House of Assembly debate on the bill, but Magnetic Media understands that little was done to resolve the potential for, so called, ‘curry favoring’ in the selection process.
Still, a process is established on how the applications by the small businesses will be considered. The requirements are considered stringent by some, the categories of businesses which would qualify is called limited by others and the funding which is set at a maximum of $10,000, is believed to be too small by yet more.
Still, by March 2016 the Invest Turks and Caicos Agency should have the monies to do this work through the new national budget.