GRANT FUND FACILITY
ABOUT THE GRANT FUND FACILITY (GFF)
The Grant Fund Facility, established by the Government of the Republic of Trinidad and Tobago, provides new opportunities to develop small and medium sized enterprises (SMEs) that:
- are involved in the production of high value-added products and services that can compete in export markets; and
- foster the economy’s diversification thrust.
This facility is administered by ExporTT Limited and assists SMEs in eight (8) designated sectors, with the acquisition of new capital requirements/expenditure. Through this facility, local business persons can access individual Grants from the fund up to a maximum of $250,000 per beneficiary to finance 50% of the cost of the acquisition. (The Grant does not cover working capital, land and building costs, and installation costs).
WHO IS ELIGIBLE FOR THE GRANT FUND FACILITY
The specific areas eligible for funding under the Grant Fund facility are as follows:
The acquisition of new machinery and equipment for companies involved in the production of small consumer goods:
- Food and drink processing
- Leather and other craft products
- Textile, garments, footwear and headwear
- Chemical products including cleaning items
- Beauty and personal care products
- Environmentally friendly packaging
- Printing, publishing and paper converters
- Wood, furniture and related products
The acquisition of new equipment and machinery for companies that are involved in supplying or processing products to and from primary processors of food:
- Cocoa, vegetable and fruit, meat/fish and coffee processing; dehydration
- Agricultural equipment and chemical manufacturing
- Sugar and confectionery; chocolate; diary and sauces
- Beverages (tea, non-alcoholic beverages, fruit juices and alcoholic beverages)
- Oil extraction
The acquisition of new equipment and software for businesses involved in:
- Asset Management
- Accounting
- Business process outsourcing/shared services
- Investment banking and professional services
The acquisition of new equipment, software and tools for businesses involved in:
- Ship building, repair and maintenance
- Servicing of vessels, including yachts, such as fiberglass work, welding, woodwork, upholstery services, sail making, electronics and electrical work, painting and rigging
- Hospitality services,
- Yacht brokerage
The acquisition of new machinery, equipment, technology/software for businesses involved in:
- The development/sale of intellectual property of a cultural nature such as: film (including animation), fashion, music, dance, theatre, visual and performing arts, broadcasting, literature and publishing, heritage festivals including Carnival
Costs to cover new software, patents for new technology, and the creation of new applications and designs for businesses that conceive and develop computer related programmes and frameworks.
The acquisition of new machinery, equipment, and software technology including, aquaponics systems for businesses involved in nursing, growing and processing of fish.
The acquisition of new equipment, tools and software applications for businesses involved in aircraft servicing and maintenance.
- Sole proprietors, partnerships and companies wholly owned by Trinidad and Tobago nationals and registered and operating in Trinidad and Tobago are eligible.
- Grants will be for the acquisition of new capital requirements/expenditure by small and medium-sized enterprises that are:
- Export oriented; or
- Producing an import substitute; or
- Otherwise identified to support diversification of the economy.
Applicants will be required to meet at least 50% of the cost of the acquisition.
- Businesses must be registered and in operation for a minimum of two (2) years.
NOTE: “Small” and “Medium” firms, as defined within the Micro and Small Enterprise (MSE) Policy for Trinidad and Tobago:
- Small Firms – generating less than or equal to TT$8 million in annual turnover.
- Medium Firms – generating between TT$8 million and TT$15 million in annual turnover.
The criteria for assessing applicants are based on:
- The specific areas of eligibility;
- Quality and completeness of the documentation submitted;
- Export orientation/import substitution;
- Financial capacity of the business; and
- The projected impact of the investment on the business’ export growth or import substitution or diversification support.
- Complete the application form available on the Ministry of Trade and Industry’s website.
- Submit the application and all supporting documents to the Ministry of Trade and Industry – Investment Directorate.
- An officer will make contact to conduct a site visit.
- The proposal will be assessed and sent to an Evaluating Committee for consideration
- Official notification of the approval/non-approval of applications will be sent to ExporTT Limited and the applicant
- Execution of a Grant Agreement between ExporTT Limited and the successful Applicant which governs the disbursement of funds
- Effect of payment by ExporTT Limited directly to the supplier through the bank
- Application form duly completed
- Audited Financial Statements for two (2) years
- Documented evidence of cost of capital requirements/expenditure
- Business Registration Documents
- Tax Clearance Certificate and VAT Clearance Certificate
- Statement of Tax Affairs
- Property Tax receipt (when effected)
- Documentary evidence confirming the Company’s Financial Ability to meet the other 50% of the cost of the acquisition
- Police Certificate of Character for Applicant(s)
