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YACHTING GRANT FACILITY

ABOUT THE YACHTING GRANT FUND FACILITY (YGFF)

The establishment of the YGF was approved in February 2022 in the sum of TT$10 million for the Micro and Small Enterprises within the yachting sector. The Government of the Republic of Trinidad and Tobago (GORTT) recognizes that it is the skilled labour force that drives the yachting sector and therefore, this facility will cater to the working capital needed to rebuild this sector, specifically for service providers engaged in fibreglass work, welding, woodwork, upholstery services, sail making, electronics and electrical work, painting, and rigging. This Facility will also be available for those involved in other services such as hospitality services, haul out facilities, storage facilities, dock spaces, retail shops, travel agencies and yacht brokerage. Applicants wishing to access this Grant must be a national of Trinidad and Tobago; and provide proof of evidence of experience in the industry.

Micro businesses (classified as companies with less than or equal to $250,000 in annual turnover) will be eligible for a cash grant of up to TT$20,000.00 to cover 100% of business costs; and Small businesses (classified as businesses with more than $250,000 but less than or equal to $8 million in annual turnover) will be eligible for a cash grant of up to TT$50,000.00 to cover 75% to 100% of particular business costs.

WHO IS ELIGIBLE FOR THE GRANT FACILITY

The specific areas eligible for funding under the YGF are as follows:

Micro Businesses
Micro businesses in the yachting industry will be eligible for a cash grant of $20,000.00 to cover 100% of the following business cost:

Costs

Grant

New machinery, equipment and tools or upgrades thereof

up to a maximum of $20,000

Raw materials

up to a maximum of $20,000

Utilities

up to a maximum of $5,000

Rent

up to maximum of $15,000

 

Small Businesses
The Grant will cover the following business costs for small businesses in the yachting industry:

Costs

Grant

New machinery, equipment and tools or upgrades thereof

75% of the cost of machinery, equipment or tools up to a maximum of $50,000

Raw materials

75% of the cost of raw materials up to a maximum of $30,000

Utilities

100% of utilities cost up to a maximum of $5,000

Rent

100% up to $10,000

NOTE: For both categories, funding will be disbursed directly to the suppliers/providers of  the goods or services requested under the Facility.

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.

  • Be a national of Trinidad and Tobago.
  • Provide proof of evidence of experience in the industry.
  • Provide a Police Certificate of Character, once readily available.
  1. The applicant must complete and submit the application form along with supporting documentation.
  2. Applications are to be made to the Ministry of Trade and Industry, Business Development Directorate. The application form will be available on the Ministry of Trade and Industry’s website.
  3. Applications will be processed and forwarded to an Evaluating Committee for assessment and recommendation.
  4. All recommended applications will be submitted to the Minister of Trade and Industry for approval.
  5. Applicants will be notified of the approval/non-approval of their applications.

For further guidance or information please contact Investment Directorate:  868- 623-2931/4 ext. 2216

Email: mario.romany@gov.tt

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