AMENDMENTS PASSED: More Money to MORE Micro, Small & Medium Businesses

By Dana Malcolm

Staff Writer

#TurksandCaicos, December 2, 2022 – Dozens of businesses across the Turks and Caicos Islands will soon be able to apply for thousands of dollars in government aid previously unavailable to them based on amendments to the Micro, Small and Medium Sized Enterprises Development Ordinance tabled in the House of Assembly on Thursday.

Previously only a limited category of businesses could access these loans. However, the new bill, received unanimous support, has broaden the categories of businesses and ideas which can be funded to include:

• Heritage/Cultural/Historical Preservation Projects;
• Public/Mass Transportation;
• Healthy Living/Lifestyle;
• Food Processing/Food Packaging.
• Highly skilled or specialized services such as: accountants; surveyors; engineers; technicians; and STEM (science, technology, engineering, mathematics)
• Businesses with a direct correlation to the TVET Programme Hospitality; General Construction; Beauty Services; Automotive Services – refers to motor vehicle repairs, MVAC, MVD and marine mechanics.
• Information Communication Technology Renewable Energy/Energy Efficiency; Sea Salt Harvesting/Processing; and
• Sea Salt Harvesting and Processing
• Waste Management/Collection.

Entrepreneurs will be able to get thousands of dollars in concessions for business related imports at Customs as well as up to $40,000 in cash grants.

E Jay Saunders, Minister of Finance, Investment and Trade in tabling the bill explained that a small business will be able to receive a reduction in Customs import duties up to a maximum of: $10,000 for a micro-enterprise; $25,000 for a small enterprise; and $100,000 for a medium enterprise.

Businesses can also qualify for a Technical Assistance Grant of up to $5,000 for micro enterprises; $10,000 for small enterprises; and $15,000 for Medium enterprises.

Finally a Cash Grant will soon be accessible to the tune of up to $10,000 for micro enterprises; $20,000 for small enterprises, and; $30,000 for medium enterprises.

While significant recommendations were made to improve the Bill by House members, the bill passed with full support from Edwin Astwood, Opposition Leader who commended the government saying there were no faults he could see with the Ordinance at the moment.