A vibrant resurgence of retail business activity is pulsating throughout San Fernando and its surroundings, as the retail sector has finally sprung back to life thanks to startup loans, grants and training from business chambers and State agencies.
Among the entities lending vital assistance are the National Entrepreneurial Development Company Ltd (Nedco) which has provided start-up loans; the Unit Trust Corporation which has provided grants and the Entrepreneurship Policy Advisers (EPA) which have been working collaboratively to develop and grow businesses in T&T.
Speaking to Business Guardian, chief executive officer of Nedco Calvin Maurice agreed that more people are seeking opportunities as entrepreneurs.
“Nedco increased our loan disbursement for 2023. It was over $22 million. In the first half of 2024, we have already disbursed $17 million,” Maurice revealed.
Saying many youths have expressed interest in Nedco’s Business Accelerator Programme, Maurice said Nedco has been going into communities, speaking to business groups and putting out public information about entrepreneurship opportunities not only for the retail sector but also for light manufacturing industries.
“Our loans are not falling into default so this means that these businesses are doing well,” he explained.
Maurice also said over the next two years over 2,000 businesses will benefit as $40 million is dispersed under micro, small and medium enterprises (MSMES).
“We provide auxiliary services, training, mentorship, monitoring and when we see businesses folding we get into there and give them training and assistance so that we can ensure there is business success,” he revealed.
Meanwhile, executive director of the T&T Unit Trust Corporation, Nigel Edwards agreed that business development initiatives such as “Scale-Up” are starting to boost businesses in T&T, not only in the southern city.
“We have several business enablement initiatives and programmes. One of these is called Scale-Up which is intended to reach local companies who have operated but are now expanding,” he said.
Edwards revealed that Scale-Up TT offers training for business principles.
“We want to make people growth-obsessed, and we will provide the tools to help them to expand,” he reiterated.
Also, he noted that UrpreneurPlus is a start-up accelerator created via a partnership between Unit Trust Corporation and UWI Ventures Ltd to support innovative early-stage businesses.
“We provide five grants of $50,000 each for businesses that are in the start-up mode. We also give two grants of $250,000 each for businesses that need to do research and development of products and services,” Edwards noted.
Saying such initiatives have contributed to the development of business, Edwards said most of their programmes were collaborative and meant to assist with the diversification of the economy.
Meanwhile, Kiran Singh, the president of the Greater San Fernando Chamber of Industry and Commerce revealed that retail sector business has picked up in San Fernando and environs.
“There is a spirit of resilience and innovation surging through the city, fuelled by incentives and business programmes,” Singh said.
Saying more people are expressing interest in renting properties for business in the city Singh noted, “Job creation is a challenge in this country but if people can generate their own income, they can feed themselves, and their families and not depend on the State for handouts.”
Compared to the post-COVID period when many businesses were shuttered because of poor sales, Singh further noted that San Fernando is witnessing renewed business interest, particularly in the inner city areas.
Through the chamber’s business incubation unit, Singh added that more people have gained access to business development seminars, networking events and product development facilities free of charge.
“Nedco and UTC have programmes to build entrepreneurship. We are asking that some of these programmes which started in Port-of-Spain be extended to San Fernando as well,” Singh recommended.
He noted that the chamber also planned to lend support to youths who want to open small businesses.
“More people are going to Nedco for start-up loans, UTC for grants and entrepreneurial support. Due diligence process at Nedco and UTC it is more relaxed as opposed to the banking sector where there are rigorous forms of paperwork to be filled before one can access loans.
“Just today (Tuesday) we held a meeting. People are being taught how to grow their businesses through the practical application of business development tools and techniques such as advisory and training sessions, mentorship, loan funding and access to product development facilities,” Singh said.
San Fernando Mayor Robert Parris also agreed that transformation was taking place in the city.
He said by removing vendors from the streets, businessowners were operating without hindrance.
Parris also said he was providing opportunities for small entrepreneurs by establishing vending zones.
“Already a fruit court is being set up along the bandstand in Harris Promenade which will offer small business owners the opportunity to sell fruits, natural fruit juices and other fruit-related products such as ice cream, yogurt and popsicles, Parris added.
Meanwhile, several small businessowners admitted that the retail sector was showing signs of improvement.
Managing director of AgroConcepts Cintra Sookraj said social media marketing and delivery have contributed to business growth.
“People want convenience and if you can provide that for them through information on products as well as delivery, they will be more inclined to support your business,” Sookraj said.
By using social media and engaging with the community, she explained that businesses can naturally boost their visibility and generate excitement about what they offer.
“This helps them reach more people and eventually they become better known in the market as they build their reputation for good service,” she explained.
Youth Development Minister Foster Cummings in a recent interview said apart from the incentives offered by Nedco, there will be opportunities for 1,500 youths through the youth homestead programme where citizens between the ages of 18 to 35 can get a two-acre parcel of land, a starter home, a grant of $20,000, all utilities on the land as well as agricultural certification.
“By 2025, we will do 1,000 homesteads for youths in T&T,” he added.
Cummings also revealed that under the Shade House programme, 100 youths are trained every year on how to do covered agriculture production.
“We have launched an aquaculture project and we intend to introduce 1,500 trained and certified farmers into the sector so that more food will be generated locally,” Cummings further noted.
This means that by next year, there will be 1,000 more farmers in the country producing food, he added.