Kingstown, April 15, 2016: The Government of Saint Vincent and the Grenadines on Friday April 15th, launched its second Call for grants proposals from local businesses as part of continued initiatives to provide access to funding to develop local enterprises utilizing modern Information and Communication Technology (ICT).
This activity, which is being implemented by the Ministry of Economic Planning, Sustainable Development, Industry, Information and Labour, falls under the Business Incubation programme of the ICT-Led Innovation component of the Caribbean Regional Communications Infrastructure Program (CARCIP) SVG project. It provides access to grant funding of up to EC $100,000 (US $37,200).
To be eligible, the business must be ICT or ICT-enabled in nature and be a client of the eligible incubator acceptable to CARCIP which is the St Vincent and the Grenadines National Centre of Technological Innovation (SVGNCTI). The business must be legally registered with the relevant authorities in St. Vincent and the Grenadines, provide counterpart funding of 20% of the cost of the project (20% can be in-kind, an equivalent monetary amount or a combination of both) and accept the financial requirements of the program.
CARCIP SVG is a regional initiative that involves St. Lucia, Grenada and St. Vincent and the Grenadines and financed through a loan by the World Bank. This programme is estimated to cost EC $ 2.835 million (US $1.05 million) and to date over EC $1.144 (US $0.425) in grants have been awarded to local entrepreneurs.