Deandrea Hamilton
Editor
Turks and Caicos, November 22, 2024 – An increase in applications, particularly from small businesses operating within the fisheries sector has led to the need for a substantial hike in grant funding for the Invest Turks and Caicos Agency.
Washington Misick, TCI Premier and Minister of Finance, Investment and Trade in the House of Assembly on Monday announced that a second budget supplementary seeks to re-allocate $1 million dollars to Invest TCI and its MSME program to meet the demand.
“The uptick in grant applications has led us to a point where we have, at this juncture, in quarter three exhausted the grant allocation for the financial year, 2024-25,” explained Angela Musgrove, CEO of the government’s investment arm.
Musgrove appeared on Monday November 11 before the Appropriations Committee of the House of Assembly.
The boost in budget funding nearly doubles the original allocation of $1.2 million for this fiscal year for the Agency. Musgrove shared that the MSME program, which was established eight years ago, has approved projects for dozens of micro, small and medium-sized businesses.
“We have more than 90 projects within the MSME pipeline at varying stages of assessment. Those projects range across most of the priority sectors.”
Among those approved and funded are 16 tourism and 26 public transportation projects, however, the 21 applications Invest TCI has received from the fisheries sector are in limbo.
“We are unable to process those applications due to the unavailability of funding to cover them. So the request being made this morning is for the consideration of a million dollars in cash grants that will allow us to process the fisheries applications that have already been vetted and considered eligible,” explained the CEO.
Government support in grant funding through the agency has also ballooned. From $10,000 in cash which was the maximum award just a year ago, to there now being up to $50,000 available to MSME businesses.
“We have just completed an impact study for the MSME program which should be tabled at Cabinet shortly, it has already been prepared for submission. The Impact Study has indicated that the program has made a very significant impact within the small business community,” Musgrove shared anecdotally from the report, “about 74 percent of the applications or persons who have received benefits under the MSME programs noted that they would not have achieved similar results for their business growth, as it relates to revenue and employment if they had not accessed benefits through the MSME program.”
The report also noted that 62 percent of beneficiaries recorded an increase in customers.
The second budge supplementary was passed in the House of Assembly on Monday November 11, 2024.