True Entrepreneurial Revolution needs More MONEY for MSMEs says Missick

By Dana Malcolm

Staff Writer

#TurksandCaicos, December 9, 2022 – The grant amounts for TCI businesses under the Micro, Small and Medium Sized Enterprise Development Ordinance are not enough to properly boost businesses in the TCI.  This is the perspective of Akeirra Missick, Member of Parliament as she gave contribution in House of Assembly on the change to the ordinance.

The changes, seen as a significant feather in the cap of PNP Administration accomplishments, now expand the categories of businesses which would apply for grants and increased the grant monies available to the new and existing businesses.

Still Missick detailed why the cash amounts were less than ideal and how the bill could be strengthened.

“If you are described as a micro business, that $5,000 in technical assistance will not get you very far so imagine if you are a medium sized enterprise.  Being a practitioner in the enterprise where we help businesses establish themselves, $15,000 is just the bare minimum for a staff handbook,” she explained

The sums to which Missick was referring are the technical assistance grants offering $5,000 for micro, $10,000 for small, and $15,000 for medium businesses.  There were also cash grants set at  $10,000 for micro, $20,000 for small, and $30,000 for medium enterprises in addition to customs duty reductions.

“We’re looking at saying we are assisting Turks and Caicos islanders as entrepreneurs through the technical assistance but from a practical standpoint the figures are actually lower than they should be.”

While acknowledging that the government had done an exceptional job providing funds to successful business already and  it was not the government’s responsibility to fund business from idea to execution she urged the Executive to reconsider the amounts especially since the money was available.

“Given that since the inception of this program in 2016 the actual budget allocation has never been exhausted – we are talking about some seven years where funds have never been exhausted in this program. The values may be too low to achieve the vision and the mission that the Minister of Finance has.”

The MP for Leeward and Long Bay said the same was true for the cash grants, they needed to be higher especially considering that these new categories of businesses who could apply would need specialized employees and private sector rates were very high.

“I commend invest TCI and the Minister of Finance for broadening the scope– but if you have an idea and you’ve been able to save $10,000 and you need to bring in an surveyor– and you are unable to recruit locally [these sums] will put you on the back foot in getting in that person’ she said “unless this bill has a follow up from the employment services department looking at reducing work permit fees for these specialist categories the grant you’re looking at getting from Invest TCI is just going straight back to TCIG.”

She explained that while the sums sounded good for new businesses developing handbooks and hiring financial officers etc, it simply was not enough.

“Albeit a very good start the figures are still a bit too low to really genuinely bring about revolutionary change we are seeking in these islands in entrepreneurship.”

The amendments were laid in a parliamentary sitting on December 1, 2022.