MYDNS-Nedco grant recipients projected to generate $197m

MINISTER of Youth Development and National Service (MYDNS) Foster Cummings, while visibly emotional owing to the death on December 16 of his friend and colleague Lisa Morris-Julian, delivered remarks of encouragement to recipients at a grant distribution ceremony on December 17. Morris-Julian, who tragically died in a house fire, was his Cabinet colleague and served as member of parliament for D'Abadie/O'Meara and was a minister in the Ministry of Education.

MYDNS in collaboration with the National Entrepreneurship Development Company Ltd (Nedco) hosted its Micro and Small Business Grant Scheme distribution ceremony at the Government Campus Plaza in Port of Spain.

The event celebrated the achievements of budding entrepreneurs who were awarded grants to kickstart or expand their businesses.

The Micro and Small Business Start-Up Grant, headed by MYDNS and administered by Nedco, is an initiative aimed at fostering entrepreneurship.

It offers grant funding of up to $20,000 complemented by training, mentorship and a business advisory service with no repayment obligations.

Cummings said, "I couldn’t think of a better way for us to invest the taxpayers’ resources than investing in you, people of TT, who are determined that you are going to step out and take a risk and get involved in business."

This cohort marks the third for the year, with a total of 202 recipients being awarded grants.

The first and second cohort were held earlier this year.

Nedco’s CEO Calvin Maurice said, "At Nedco, our mission transcends more than grant distribution. We are dedicated to fostering an entrepreneurial ecosystem that drives national development, creates opportunities and transforms the economic landscape of TT.

"These 202 entrepreneurs will generate $197 million. Think about that. These are 202 stories of quality, 202 pathways to economic empowerment and 202 opportunities to transform our national economy."

He said this forecast financial impact demonstrated the tangible economic benefits expected from this initiative, highlighting its role in supporting the national diversification agenda.

Simone Claxton, a training coach with Nedco, shared her experience working with grant recipients from both the current and previous cohorts.

Claxton said participants have a strong grasp of business planning, as many enter the programme with pre-existing business ideas. She said this is a significant improvement from earlier cohorts, where participants required more guidance to conceptualise and formalise their business plans. Excited for the future of the programme, Claxton encouraged the public to get involved.

Maurice said the demographic breakdown of the cohort revealed a significant number of women entrepreneurs, with 134 successful applicants being women.

The age range of recipients was diverse, with the youngest bracket being 18-25, the largest group aged 31-35 and seasoned entrepreneurs aged 45 and over.

The event was attended by permanent secretary of MYDNS Narine Charran, members of Nedco’s board and local celebrity Kerron Sealy (Sunny Bling), who served as MC.

Maurice said the grant scheme’s strategic targeting of underserved communities included St Patrick’s, where 33.9 per cent of the Indigenous population lives and St Andrew’s, home to 90 per cent of the destitute population.

He said the programme focuses on uplifting disadvantaged regions, fostering inclusive growth and reducing disparities across communities.