News
MSME Programme Managed by Invest TCI Announces Improved Amendments to the Programme
#TurksandCaicos, December 9, 2022 – The Micro Small and Medium Enterprise (MSME) Programme managed by Invest Turks and Caicos Agency (Invest TCI) announced improved amendments to the Programme.
Invest TCI hosted a press briefing on Tuesday, December 6th at 10am at Beaches Turks and Caicos Resort Villages & Spa to announce the exciting amendments to the MSME Programme. Present at the conference were The Honourable E. Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade, The Honourable Rachel Taylor, Minister of Education, Employment and Customer Service, representatives from various government departments, key stakeholders, MSMEs, the media and other specially invited guests.
April 2016 saw the commencement of the Government’s MSME Programme, which Invest TCI manages with support from the Ministry of Finance. Governed by the MSME Development Ordinance 2015, the programme makes provision for the Government to provide concession orders to qualifying locally owned businesses operating in identified priority business sectors. The concession orders permit a company or start-up to receive specific benefits, namely: cash grants, customs duty reduction, and technical assistance, depending on the size of the business. The recent amendments to the MSME Programme see an expansion in the qualifying sectors, increases in cash grants depending on the size of the business, further coverage for technical assistance and provision for businesses to access an additional $10k if they meet specific KPIs. Additionally, MSMEs will experience a more streamlined application process with user-friendly forms.
The expanded sectors 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, STEM (science, technology, engineering, mathematics)
- Business with a direct correlation to the TVET Programme (majority owned by TVET graduate)
- Renewable Energy/Energy Efficiency
- Sea Salt Harvesting/Processing
- Waste Management/Collection
Additional benefits for technical assistance include $5,000 for micro, $10,000 for small, and $15,000 for medium businesses. The cash grant amount increased to $10K for micro, $20K for small, and $30K for medium enterprises.
Commenting on the event, Alexa Cooper, VP of SME Development, stated, “Firstly, I want to acknowledge and thank the team who worked diligently behind the scenes on the amendments to the MSME Programme. With the announcement of these new amendments and Invest TCI’s efforts to promote and streamline processes and procedures, we expect an exponential increase in applications, Concession Orders, and the value of benefits. Our goal is to exhaust the budget and ensure that MSMEs receive the help they need to run successful businesses”.
Angela Musgrove, CEO of Invest TCI, further stated, “We encourage locally owned small businesses and start-ups to take advantage of the opportunity and apply for assistance. Entrepreneurship plays a vital role in economic development and creates new enterprise that energizes the economy. We urge more entrepreneurs to contact us at Invest TCI to assist in bringing their projects to reality.”
The Honourable E. Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade, remarked, “I am delighted to see these amendments become a reality. As the MSME Programme falls under the Ministry of Finance, I was personally invested in ensuring a successful outcome from Cabinet. Honourable Saunders further stated, “It is our goal to empower entrepreneurs and assist in providing the necessary resources to kickstart their businesses. We want to ensure that Invest TCI’s activities are aligned to strategically focus on MSMEs with deliberate efforts to place greater emphasis on supporting domestic investment and entrepreneurship so that Turks and Caicos Islanders are empowered entrepreneurs and contributors to the TCI economy”.