In a bid to grow economic activity in East Port-of-Spain micro-businesses, start-ups can receive a grant of up to $20,000 in financial assistance.
This initiative is being done by the East Port of Spain Development Company (EPOS) through its new Community Business Incubator (CBI) Programme.
In an interview last Friday with Sunday Business, EPOS chairman Hillan Morean said one cannot hide from the fact that crime impacts the 19 communities that are in East Port-of-Spain, and doing such initiatives to help finance a micro-business or start-up can assist with employment and reduce criminal activity.
Morean sought to debunk social media posts that programmes like these are giving money to gangsters in the area.
“Why is the assumption every time that programmes will go into the pockets of gangsters and gunmen? So, I want to refute that categorically because the programme is meant to help thousands of people who have an entrepreneurial mindset.
“I was driving through Pashley Street, on Thursday, where I saw a young lady, who had set up a tent selling food. Our company could impact people like her. She could put in a request for support. We can help improve aesthetics. She needs some equipment that will help her have a good business. We will work with them to register their businesses, if it is not already, and provide mentorship on how to run the business,” the chairman explained.
Morean noted that $3 million has been allocated for the programme and more will be allocated once the demand is there. The aim is to help up to 150 businesses in the 19 communities.
Asked where the funding was coming from, he indicated that the government provides the allocation under EPOS’s Socio-Economic Project.
“We are hopeful that the programme can run for up to 10 years with the Government’s assistance and we have reached out to two international organisations for help, and we are appealing to other organisations to come on board for this important programme,” he said.
Morean also pointed out that this initiative is the Economic Impetus for Socio-Economic Development (EISED) and is inspired by the United Nations Sustainable Development Goals – particularly, Goal 8: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all and Goal 10- Reduce inequality within and among countries.
“This is also tied significantly to our National Development Strategy 2016-2030, particularly Theme 1 –Putting People First, Nurturing our greatest asset.
“But most importantly, it is tied to the vision of the residents, who, from Beetham to St John St, from Never Dirty to Malick, Caledonia to Gonzales, Sea Lots to Belmont, have called for more support and investment to help residents self-actualise. Many of them have wonderful business ideas and lack the capacity and support to turn those dreams into reality.”
He outlined that going forward the state organisation will bring on a research officer, as the EPOS does not currently have one and the goal for the research officer is to go into intensive research of the 19 communities to guide the programme.
“The aim is to capture how many people are unemployed in the various communities, see how many are unskilled and need training. Capturing the data from them would help guide us on what programmes we should focus on, and what areas of training should be zeroed on. The company is going in a very research-driven approach.”
Morean noted that research showed seven out of every 10 dollars spent in Trinidad and Tobago, is spent in the public sector with a substantial amount dedicated to wages.
“Any shock to that system, such as that which occurred in the latter part of the decade 2000-2010, can lead to debilitating effects such as layoffs and increased unemployment. By encouraging a more thriving private sector in and throughout East Port-of-Spain, an environment of commerce, stable human relations, and therefore peaceful outcomes can be encouraged by helping those in need to acquire meaningful and sustainable employment.
“Across the 19 communities of East Port-of-Spain, over the next 10 years, businesses can be developed as part of a long-term vision for economic enhancement and social intervention through targeted and well-managed community investment. We invite all to join us on this transformation of East Port-of-Spain,” Morean added.
Applying for the grants
Morean said interested persons can visit the East Port of Spain Development Company’s Facebook page for more information on the CBI Programme, on the criteria, and instructions on how to apply.
He noted that applications have been opened since May 2 and as of 4:17 pm on Friday 71 interested entrepreneurs applied.
“That represents an increase of 31 applicants over last Wednesday and Thursday. So, there is a strong interest in the programme. The application process will be closed on June 2.”
Further, Morean said while applications will be accepted from all industries, special consideration will be given to the following areas: agriculture, crop production, animal production as well as and hydroponics, manufacturing including agro-processing, tooling, household furnishings, jewellery furniture and leather.
“We also have food services, so people in any food services industry, people in the creative industries, including culture and performing arts, people in tourism, development aspects of things, technology and digital services can also apply,” he revealed.
The chairman stated that the $20,000 is not hard and fast. Depending on the kind of equipment or investment the business owner engages in, it can be more or less.
Sunday Business reached out to Michelle St Paul of Belmont who sells food every week and she said “This programme is good for persons like me who want to expand their business by buying more food warmers and other apparatus so that I can expand my catering business.”
Keisha Thomas from Malick who sells peppers and seasonings welcomed the programme.
“A friend told me about the programme and I applied. The process was easy and not like other programmes that want you to apply for the grant, and place a lot of red tape for one to access any kind of funding to expand one’s business,” Thomas stressed.
John Michael from Sea Lots, who is a carpenter, said, “I only heard about the programme last Wednesday but will surely put in an application as I would like to purchase new machinery as my clientele is growing. This grant will be very helpful.”