Executive Director of the Caribbean Export Development Agency, Pamela Coke-Hamilton.
FOLLOWING some successes with an initial funding programme known as the Direct Assistance Grant Scheme (DAGS), Caribbean Export Development Agency (CEDA) is launching another round of the programme to assist small businesses in Barbados and the Caribbean.
The launch comes as some companies, benefiting from the original one, said they saw their exports expanded to almost $10 million, along with the creation of new jobs in those enterprises and within support organisations.
The programme is one of the Agency’s most direct ways of providing support to the CARI-FORUM private sector. European and CEDA officials, and advisors from nine countries attended the launch, which was held yesterday at a function at the Baobab Towers, Warrens.
The reimbursement grant facility is designed to provide financial assistance to companies that are exporting or have the potential to export. Financing for the programme is coming from the 11th European Development Fund (EDF).
Speaking at the function, Ms. Pamela Coke-Hamilton, Executive Director of CEDA, said that companies had previously used the grants to, among other things, update their equipment, meet international food safety standards, participate in international trade shows, improve their packaging and branding, and to protect their intellectual property.
She said that under the 10th EDF, the DAGS had offered two facilities of funding: the Regular Procedures which provided a maximum of 30 000 euros; and the Accelerated Procedures where companies could receive up to 5 000 euros.
“However, under the revised DAGS programme, the ceiling for grants has increased to 50 000 euros with a minimum grant of 10 000 euros,” Mrs. Coke-Hamilton said.
She recalled that under the 10th EDF, which spanned the period 2011-2016, grant funding was provided to 282 beneficiaries from CARIFORUM states, which amounted to 5.7 million euros.
The majority of the grant awardees came from the agro-processing and manufacturing sectors (31 per cent and 30 per cent respectively); professional services (16 per cent); ICT, Creative Industries, Specialised Tourism and Business Support Organisations (five per cent); and Renewable Energy and Health and Wellness (two per cent each).
The Caribbean Export official said that following an assessment of the DAGS beneficiaries, 42 per cent of the firms surveyed reported that as a result of the grants, they had seen an increase in their export levels, which they estimated were valued at Bds$9.8 million.
The firms were able to export to the Caribbean, Europe, North America, Latin America, Asia/Pacific, and Africa. In addition, new jobs were created within the firms and in supportive industries.