FIM Mini-Grant Award
(ZIZ News) — Small businesses in the Federation are once again being given the opportunity to receive a mini grant award for the purchasing of business equipment.
Advisor at the Eastern Caribbean Central Bank Sybil Welsh described the Financial Information Month Grant as a platform to help micro and small businesses buy well needed equipment.
She spoke with ZIZ News about the application process.
“We want to make sure that you are growing, even though you have some struggles, you are showing signs of make some sort of profit. We don’t want a business that’s bankrupt. We want a business that’s shown that in spite of the challenges, we want a business that has not just challenges but has demonstrated some measure of success,” she said.
Welsh said applicants must be specific about the equipment that they need. She also noted that there are some limitations to what can be requested.
“We do not give raw materials. So if you apply and say you want x amount of raw materials—no. We are looking for equipment that we can look back a year from now and say that equipment is still working. It is still enhancing the business potential and the business has used that to leverage its growth and development,” she said.
Welsh encouraged micro and small business owners to apply, stating that it is important to note that the grant is not a loan.
She said “we are still saying to persons to apply. We want you to see this as an opportunity really to pivot your business, to get it to the next level and therefore you can look back and say listen I was here last year, look where I am this year. I can see growth, I can see progress,”
Welsh noted that the applicants would only have to pay back by doing good business.
“That’s the only payback by keeping your business in operation. It’s not a loan, it’s a grant. Don’t see it as free money, see it as an enhancement to your business,” she said.
Application forms for the financial information month micro and small business award can be collected at any financial institution in the federation.
The deadline for application is February 6th and the prize giving ceremony is expected to take place in March.