OECS to Launch Window 2 of Regional MSME Matching Grants Programme
The Organisation of Eastern Caribbean States (OECS) Commission is set to launch Window 2 of the Regional MSME Matching Grants Programme (MGP) on February 12. The program is a key component of the "Unleashing the Blue Economy of the Eastern Caribbean (UBEC)" project, designed to support micro, small, and medium enterprises (MSMEs) across the blue economy sectors in Grenada, St. Lucia, and St. Vincent and the Grenadines.
The UBEC project is a World Bank-funded initiative to promote the sustainable use of marine resources and advance climate-resilient economies in the Caribbean. The program focuses on the fisheries, marine/coastal tourism, and waste management sectors, supporting MSMEs in adopting sustainable practices, creating economic opportunities, and enhancing regional collaboration.
The virtual launch on February 12 aims to provide vital information on the application process and eligibility criteria for potential applicants. The Window 2 Call for Proposals will remain open until March 19, giving MSMEs and value chain groups a window of time to apply for grants to strengthen their businesses and operations.
This funding is open to value chain groups that include businesses involved in waste management, marine/coastal tourism, and fisheries. The program seeks to create stronger market linkages, enhance collaboration among MSMEs, and increase value creation across these sectors’ blue economy value chains. The focus is not only on increasing productivity and competitiveness but also on ensuring the sustainable management of the Caribbean’s vital marine and coastal assets.
The Regional MSME Matching Grants Programme has already seen significant success with Window 1, supporting individual MSMEs with grants ranging from US$5,000 to US$25,000. With the launch of Window 2, the program takes a major step forward by offering substantial grants of between US$100,000 to US$200,000 to value chain groups, comprising of at least three MSMEs, operating in the waste management, marine/coastal tourism, and fisheries sectors.
The Commission said that these sectors play a critical role in the sustainable development of the Caribbean. Window 2 seeks to strengthen its competitiveness, create more jobs, and enhance innovation while encouraging adopting climate-resilient practices.
"The matching grants will empower MSMEs to increase productivity, improve business relations, and expand their market reach, driving economic growth in the region’s blue economy," the Commission said.
A value chain group in the blue economy refers to a collaborative network of businesses and entities that work together to enhance the production, distribution, and value creation of goods or services related to the sustainable use of marine and coastal resources. "These groups are typically focused on strengthening specific sectors within the blue economy, such as marine /coastal tourism, fisheries, and waste management, to improve competitiveness, innovation, and sustainability," it added.
Existing value chain groups consisting of at least three enterprises operating within the fisheries, marine/coastal tourism, or waste management industries in the participating islands of Grenada, St. Vincent and the Grenadines, and St. Lucia are eligible to submit applications. The Commission said that they must be legally registered or have a registered business name and operate in any one of the three islands. They must have been in operation for at least two years, supported by financial statements for the last two years, which can be audited or unaudited but must be presented according to International Financial Reporting Standards (IFRS).
Alternatively, they can each provide bank statements for the last two (2) years. Each MSME within the value chain group must have a business bank account. This is essential to ensure that proper financial practices are in place and to facilitate the transaction of funds.
Conclusion
The Regional MSME Matching Grants Programme aims to empower MSMEs to increase their competitiveness, improve business relations, and expand their market reach. Window 2 is a major step forward, offering substantial grants to value chain groups operating in the waste management, marine/coastal tourism, and fisheries sectors. We encourage eligible businesses to take advantage of this opportunity and apply for funding.
Frequently Asked Questions
Q: What is the deadline for the Window 2 Call for Proposals?
A: March 19, 2025.
Q: Who is eligible to apply for funding?
A: Existing value chain groups consisting of at least three enterprises operating within the fisheries, marine/coastal tourism, or waste management industries in the participating islands of Grenada, St. Vincent and the Grenadines, and St. Lucia.
Q: What is the maximum grant amount for value chain groups?
A: US$200,000.
Q: How do I know if I am eligible to apply for funding?
A: Check the eligibility criteria set by the Commission, which include being a legally registered or having a registered business name, operating in any one of the three participating islands, and having been in operation for at least two years with audited or unaudited financial statements according to IFRS.