GRANT FUND FACILITY FOR LOCAL PRODUCERS OF ALTERNATIVES TO WHEAT FLOUR
ABOUT THE GRANT FUND FACILITY (GFF) FOR LOCAL PRODUCERS OF ALTERNATIVES TO WHEAT FLOUR
Access to financing under the Grant Fund Facility has been expanded specifically for local producers of alternatives to wheat flour. Through this extended facility, small and medium-sized enterprises (SMEs) can access individual Grants to cover 75%, up to a maximum of TT$340,000.00 (approximately US$50,000.00), of the cost of new machinery and equipment being acquired to manufacture alternatives to wheat flour. (The Grant does not cover working capital, or land, building and installation costs)
Only entities operating in the Agriculture and Agro-processing/root-crop processing sub-sectors, manufacturing alternatives to wheat flour are eligible for funding under the extended facility.
WHO IS ELIGIBLE FOR THE GRANT FUND FACILITY
The specific areas eligible for funding under the Grant Fund facility are as follows:
The qualifying criteria for the Grant Fund Facility specifically for local producers of alternatives to wheat flour is as follows:
- Sole proprietors, partnerships and companies wholly owned by Trinidad and Tobago nationals and registered and operating in Trinidad and Tobago are eligible.
- “Small” and “Medium” firms as defined within the Micro and Small Enterprise (MSE) Policy for Trinidad and Tobago (2013 – 2016) – September 2016:
- 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.
- Firms that:
- earn a minimum of 50% of their revenue from export sales, or
- produce an import substitute, or
- otherwise, identified to support diversification of the economy
- Firms that are established going concerns that have been in existence for a minimum of one (1) year and are directly involved in the farming and agro-processing.
- Applicants will be required to meet the remaining 25% of the cost of the acquisition or remaining cost in excess of TT$340,000.00.
Each applicant can access up to TT$340,000.00 in funding
The criteria for assessing applicants are based on:
- The specific area of eligibility- manufacture of alternatives to wheat flour;
- 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’ growth and contribution to the agro-processing industry.
- Complete and submit the application form 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;
- Documented evidence of cost of machinery and equipment to be used to manufacture wheat flour alternatives;
- Business Registration Documents;
- Audited Financial Statements/ Management Accounts for the previous years of operation;
- Business Plan;
- Tax Clearance Certificate and VAT Clearance Certificate;
- Documentary evidence confirming the Company’s financial ability to meet the other 25% of the cost of the acquisition/ remaining cost of the acquisition (historical bank statement for the last six (6) months or banker’s confirmatory letter);
- Property Tax receipt (when effected);
- Police Certificate of Character for applicant(s); and
- Any Other support documents (specify)
