The Enterprise Assistance Fund is a loan facility for expanding the small and micro enterprise sector in Tobago. It targets innovative and committed entrepreneurs who are unable to access necessary capital and/or support to realize their dream of owning a successful business. The interest rate on loans is 5%.
The staff members assigned to assist with Enterprise Development work to develop Tobago through the creation of a dynamic, vibrant and diversified enterprise sector, fully capable of meeting the challenges of the changing global economic environment. The Business Development Unit is responsible for its administration. In order to achieve this, the Business Development Unit:
- Provides the support and resources necessary to serve the legitimate needs of the Micro Small and Medium Enterprises sector.
- Engages in outreach programmes focusing on business education, aimed at developing all sectors of the society, particularly youth and women, in rural communities and urban enclaves; and for other groups and individuals;
- Provides a range of programmes and services, including training, to ensure the sustainability of the MSME Sector;
- Extends credits (loans) to the sector at a preferred interest rate on a sound and collectible basis;
- The regular entrepreneur shopping his ideas/proposals in search of funding;
- The disenfranchised individual who, by virtue of their inability to access capital or support, has difficulty pursuing their entrepreneurial option;
- Using the concept of peer-group lending, loans will be made available to community or other groups with sound business ideas. These groups should, however, have been established for a period of at least one (1) year; and
- Companies that have been in existence for at least (2) years.
Support is also provided to young persons qualified in technical and vocation areas through the EAGP.
To avoid duplication of projects and the inefficient use of funds, the BDU offers guidance to clients in financial counselling and business planning. The BDU encourages proposals in the following areas of enterprise:
Manufacturing, Service Oriented Projects– Graphic, Web Design and Marketing, Catering, Events Management, Sanitation, Vehicle Services, Cleaning Companies, Restaurants
Community Cluster Production– Art and Craft, Fashion and Design, Garment / Textiles Manufacturing (wholesale approach), Agro / Fish Processing e.g. packaging, preserving (value added aspects of the fishing industry, Retail Services e.g., Dry Goods Commercial / Retail (security demanded must be at the highest allowable amount; and each case would be analysed on its own merit), Food – Fruits, Vegetables, Meats (mini marts)
Tourism Sector Services– Tours, Reef Boats, Dive Shops, Sail Boats, Game Fishing, Charters, Taxi, Maxi, Vehicle Rentals and Limousines.
Trade Related Activities
To prepare products and services for export and to meet international standards in order to penetrate foreign markets.
Level2, Victor E. Bruce Financial Complex,
#6-10Post Office Street,
Telephone:639-4412 Ext 3107