STEELPAN MANUFACTURING GRANT FUND FACILITY
ABOUT THE STEELPAN MANUFACTURING GRANT FUND FACILITY (SMGFF)
The Steelpan Manufacturing Grant Fund Facility was established in January 2020 by the Government of the Republic of Trinidad and Tobago for the acquisition of new machinery, equipment, software, tools, raw material and training by local steelpan manufacturers. Through this facility, successful local applicants can access individual Grants from the SMGFF up to a maximum of $250,000 per tranche, not exceeding $1,000,000 per entity.
In June 2023, the Government expanded the Steelpan Manufacturing Grant Fund Facility to include manufacturers of sticks, stands and cases, as well as for selected costs related to the Export Promotion of steelpans and the adoption and use of E-Commerce platforms and online payment systems for the purchase and sale of steelpans.
WHO IS ELIGIBLE FOR THE STEELPAN MANUFACTURING GRANT FUND FACILITY (SMGFF)
The specific areas eligible for funding under the SMGFF are as follows:
- Steelpan Manufacturers
- Tuners
- Manufacturers of Steelpan Accessories (sticks, stands & cases).
TRADESHOWS
- Eligible applicants will be able to access funds up to TT$50,000 for participation in local exhibitions/trade shows and up to TT$200,000 for participation in international exhibitions/trade shows, as evidenced by quotations/invoices.
- Funding will cover costs related to tradeshow registration, booth rental, booth design costs, product shipment, airfare and accommodation. Additional costs such as ground transfers will have to be covered by the applicant.
- Applications are required to be submitted at least six (6) months prior to the deadline date for registration. Also, the acquisition of the relevant travel documents will be the sole responsibility of the applicant.
E-Commerce
- Individual Grants for the adoption and use of E-Commerce Platforms, Online Marketplaces and Online Payments Systems will be accessible up to $25,000 for annual subscription fees related to reputable online market mediums.
- 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 (i) the acquisition of new machinery, equipment, software, tools, raw materials and training for local steelpan manufacturers (ii) Export Promotion (iii) E-Commerce
- Businesses must be in operation for a minimum of two (2) years.
The criteria for assessing applicants are based on:
- The specific areas of eligibility;
- Quality and completeness of the documentation submitted;
- Contribution to the development of the overall steelpan manufacturing industry;
- Evidence of financial capacity;
- The projected impact of the acquisition on future export growth/import substitution.
- Complete the application form available below.
- Submit the application and all supporting documents to the Ministry of Trade and Industry – Business Development Directorate.
- An officer will make contact to conduct a site visit.
- The proposal will be assessed and sent to an Evaluation Committee for consideration
- Official notification of the approval/non-approval of applications will be sent to MIC-IT, exporTT and the applicant
- Execution of a Grant Agreement between the successful Applicant, MIC-IT and exporTT.
- Payment by MIC-IT directly to the supplier of the machinery, equipment, software, tools, raw materials or training through the bank.
- Payment by exporTT directly to the organizers of the tradeshows or to the subscription websites.
- Application form duly completed
- Business Plan (relative to the complexity of the entity)
- Business Registration Documents, where necessary
- Management Accounts for the previous two (2) years of operation
- Documented evidence of costs related to (i) the acquisition of new machinery, equipment, software, tools, raw materials and training (ii) Export Promotion (iii) E-Commerce
- Tax Clearance Certificate and VAT Clearance Certificate, where necessary
- Police Certificate of Character for Applicant(s)
email: mti-businessdev@gov.tt
