Matching Grants Programme Launched: 4.5 million USD available for MSMEs

The Commission of the Organisation of Eastern Caribbean States (OECS) has launched a new initiative to support Micro, Small and Medium Sized Enterprises (MSMEs) in Saint Lucia, Grenada and Saint Vincent and the Grenadines.

The Regional MSME Matching Grants Programme is a World Bank funded, OECS-led initiative under the Unleashing the Blue Economy of the Caribbean (UBEC) Project, designed to increase productivity, create jobs, and strengthen the capacity of MSMEs within the economic sectors of Tourism, Fisheries and Waste Management. The Programme will provide 4.5 million USD in funding to MSMEs over a three (3) year period.

On October 16 2024, the Programme launched its first Call for Proposals. Under this Call, individual MSMEs can apply for grants ranging from $5,000.00 to $25,000.00 USD.

Speaking at the launch event, Mr. Chamberlain Emanuel, Director of the OECS’ Environmental Sustainability Division emphasised the vision for the region’s blue economy. He said:

‘As a collective, the OECS Member States have taken on the vision of a model blue economy region and there are three things to highlight as to what that vision entails. First, is a matter of being inclusive and participatory. We need to make sure that the blue economy is inclusive and participatory. The second is that of innovation. There are traditional sectors associated with the blue economy and we are hoping through this journey we can explore, through research and innovation, additional opportunity streams of the blue economy. Third, is the matter of scale. We are dealing with islands and one of the issues is that of scale and so we need to ensure that the opportunities that we pursue can function at our scale.’

Officer-in-Charge, OECS’ Economic Affairs and Regional Integration Division, Mr. Joel Richards highlighted the OECS’ commitment to MSME development. He stated:

‘Facilitating MSME activities and development is key to a healthy private sector. The OECS is committed to a healthy private sector which can contribute meaningfully to policy formulation and importantly, economic growth and diversification. We recently collaborated with the OECS Business Council in convening a workshop to support the strengthening of institutional arrangements for private-sector engagement and dialogue with the Commission and the relevant organs and councils of the OECS. Elsewhere, we are active in supporting blue-bio trade and we are actively helping countries in developing the sea moss industry, promoting the sustainable harvesting of conch and other activities and interventions.’

The launch of the Regional MSME Matching Grants Programme was part of a two-day convening of high-level Blue Economy engagements, including the OECS’ 4^th Blue Economy Roundtable.

Applications for the Programme are to be submitted by November 29, 2024.

To support applicants, the OECS’ Matching Grants Unit will host two (2) virtual information sessions on October 30 and November 12, 2024 at 10am.

Interested MSMEs can access more information about the Call for Proposals on the OECS website.