Trade Ministry awards grants to 2 businesses

The Montserrat Cocoa Farmers Co-operative Society Ltd (MCFCSL) and Print on Demand Ltd have been approved for funding under the Trade and Industry Ministry's Grant Fund Facility (GFF).

A release from the Trade Ministry said the grants were awarded to facilitate expansion and increase competitiveness of these local businesses.

It said MCFCSL plans to expand its cocoa processing and chocolate making operations and create additional direct linkages with local cocoa farmers.

Print on Demand Ltd will use the money to modify and advance its printing technology "while improving its forward linkages. Both recipients have demonstrated the potential to develop a greater export base and further generate foreign exchange."

Trade and Industry Minister Paula Gopee-Scoon said the GFF "affords wholly-owned local companies in manufacturing and agro-processing an invaluable opportunity to invest in cutting edge technology, machinery and equipment to expand output, increase exports and grow competitiveness."

Launched in November 2017, the GFF offers up to a maximum of $250,000 to producers of export-oriented/import-substituting products. More than 300 private sector enterprises have expressed interest in the grant and as of August 29, six applications were being evaluated.

Applicants are involved in cocoa processing and chocolate manufacturing, printing and publishing, alcoholic beverage manufacturing including local wines, and wood and furniture works.

The ministry said these expansionary projects could potentially increase the productive capacity of local manufacturing and agro-processing sectors while simultaneously providing greater employment opportunities.

The grant "supports Government’s diversification endeavours, as it targets producers in the priority sectors of light and high-value manufacturing and agro-processing. The investments supported by the GFF also foster technological advancement and innovation."

The ministry said it is "actively encouraging" manufacturers and agro-processors to access the GFF and other facilities to help them acquire new machinery, technology and equipment, to enhance their production processes and increase capacity to compete successfully both regionally and internationally.