[UPDATED] Gopee-Scoon: Entrepreneurs must have a business plan

TRINJAM Homefoods Ltd has been approved for funding under the Ministry of Trade and Industry Grant Funding Facility (GFF).

At the announcement of the award of the grant at the ministry, Nicholas Towers, Port of Spain, yesterday, Minister of Trade and Industry Paula Gopee-Scoon urged entrepreneurs to have a robust business plan before applying for the grant.

She said there is a need for legitimate business fundamentals when entrepreneurs take on business.

“You are going to find many people looking at business as a way of their sustenance, and it is a strong alternative to having what is a traditional job. But it is so important that businesses, regardless of the size, really take on business fundamentals.

“I say this to all of the 300 people who may have called the ministry to find out about the GFF: a business plan is very important. You must have a strong business relationship with your bankers and a strong creditworthiness.”

Gopee-Scoon said the ministry will stand by entrepreneurs but at the same time there is an expectation of seriousness in the approach to entrepreneurship.

More than 300 private-sector enterprises have expressed interest in the GFF, she said, and to date, six companies, after assessments, have been approved for the grant, and more than $1 million has been disbursed.

But, she noted,the majority of the people who called the ministry were not prepared to submit the documentation needed.

“You cannot be serious in business if you do not have a business plan.

“Business is a serious thing, and there are certain procedures that must be followed. The grant is intended for businesses that have been in existence for two years which have shown some level of resilience.”

Gopee-Scoon said the grants have been awarded to producers in different sub-sectors of manufacturing and agro-processing including food and agro-processing; cocoa processing, including the manufacture of chocolate; printing and publishing; manufacturing packaging materials; and fish processing.

Her ministry is charged with responsibility for economic diversification, she said, and she believes the development of the non-energy sector is integral role to transforming the economy.

Recognising the significance of SMEs, Gopee-Scoon said the government stands ready and willing to assist these entrepreneurs and to work in tandem to grow the economy’s competitiveness through expanding the export base or import-substitution activities.

“We can all agree that the lifeblood of the non-energy sector is found in entrepreneurship and small and medium-sized enterprise (SME) development. Policy initiatives and measures should therefore support the advancement of entrepreneurs and SMEs alike.”

This story has been adjusted to include additional details. See original post below.

Trinjam Homefoods Ltd has been approved for funding under the Ministry of Trade and Industry Grant Funding Facility (GFF).

At the announcement of the recipient of the grant at the ministry, Nicholas Towers, Port of Spain today, Minister of Trade and Industry Paula Gopee-Scoon urged entrepreneurs to have a robust business plan before applying for the grant.

She said there is a need for legitimate business fundamentals when entrepreneurs take on business.

“You are going to find many people looking at business as a way of their sustenance, and it is a strong alternative to having what is a traditional job. But it is so important that businesses, regardless of the size, really take on business fundamentals.

“I say this to all of the 300 people who may have called the ministry to find out about the GFF: a business plan is very important. You must have a strong business relationship with your bankers and a strong creditworthiness.”