39 Tobagonians get micro, small business grants

THIRTY-NINE people received grants from the Ministry of Youth Development and National Service as part of that ministry's collaboration with the National Entrepreneurship Development Company (Nedco). The grants were distributed during a ceremony on October 2 at the Magdalena Grand Beach and Golf Resort.

At the ceremony, Minister of Youth Development and National Service Foster Cummings said these grants were proof of government's investment in the nation's youth.

The 39 applicants are micro and small business (MSB) operators.

Cummings said the grants marked not just an event but a transformative milestone in the government's desire to nurture entrepreneurship, ignite economic growth and propel the national development agenda. He said these applicants are not merely shaping businesses but rather crafting the future of the nation – one innovative idea at a time.

"At the ministry, we would not leave anyone behind. As such, inclusivity and diversity are central elements of our mandate. We have an unrelenting passion, and I make no apologies for that, we wholeheartedly celebrate the youth of our twin island state because we believe at the core, that they are the drivers of the change we need now and in the future.

He said by investing in youths, government is planting seeds for a prosperous future – one where creativity and passion fuels the engine of national development.

Empowerment through entrepreneurship, he said, is at the heart of the vision of his ministry and government.

"By providing the necessary resources and support to our young entrepreneurs, we are nurturing a generation that possesses the skills and confidence to transform ideas into realities. When we uplift entrepreneurs, we strengthen community ties, create networks of support that foster resilience and adaptability in the face of challenges.

"This interconnectedness not only enriches our local economies but also build a vibrant community where every individual can contribute to and benefit from shared success."

The grant, he said, is a significant investment in TT's future as he noted that for fiscal 2024, $20 million was dedicated to this initiative, with a similar commitment for 2025.

"This funding underscores our government’s steadfast commitment to supporting micro and small enterprises which continue to serve as the backbone of our economy. Since the launch of this initiative, we have been truly inspired by the overwhelming response, and as of September, a remarkable 4,014 applications have been submitted. Of that number, 291 are from Tobago."

Nedco chairman Clarry Benn said through the ongoing support and capacity building initiative, Nedco is committed to fostering the growth of micro and small businesses.

"The MSB grant scheme is more than just financial assistance. It’s a package complete with training, advisory services and mentorship. This holistic approach ensures our participants not only receive funding but are also equipped with the skills, knowledge and confidence needed to succeed in today’s dynamic pathways."

Through this structured guidance, Benn said, participants develop robust businesses and plans that serve as a foundation for growth which enables success, secures grant funding and ensures that resources assigned to the applicants are used appropriately.

Nedco's micro and small business grant scheme co-ordinator Amoy Van Lowe said through this programme, Nedco is actively reshaping the future of small business development.

The distribution, she said, marked a significant milestone and is particularly distinctive as it underscores the dedication towards empowering entrepreneurs across the twin island state.

"We’re therefore excited to witness the positive changes these grants would bring to their lives and to the Tobago community as a whole."

The path to this moment, Van Lows said, was anything but straight and that serves as a powerful reminder for all.

"Life is full of twists and turns as an entrepreneurial journey is fraught with challenges.

"Setbacks are often stepping stones to success. Each challenge we face strengthens our resolve and teaches us invaluable lessons, so I encourage all entrepreneurs to embrace your challenges and keep pressing forward," Van Lowe said.