Youth Development and National Service Minister, the Honourable Foster Cummings, confirmed Cabinet’s recent approval for the Micro and Small Business Grant scheme which offers a $20,000 grant, training and mentoring to support budding entrepreneurs in taking their initial steps towards self-employment.
Minister Cummings said, “The Government has approved a budget of twenty-four million dollars annually for this programme over the next two years. Each year 1000 new entrepreneurs will benefit from a start-up grant of $20,000 each.”
Minister Cummings was delivering the feature address at “A Spotlight on NEDCO’s Training and Business Advisory Services” which was held at the Hyatt Regency Hotel in Port of Spain on November 27, 2023.
The event highlighted the business products and entrepreneurial services offered by the National Entrepreneurship Development Company (NEDCO), the impact of these products and services on our economy and the success stories of its beneficiaries.
Minister Cummings expressed, “While training programmes equip aspiring entrepreneurs with the skills and knowledge necessary to establish and grow their ventures, business advisory services, offer strategic insights, helping entrepreneurs make informed decisions that contribute to the sustainability and longevity of their business”.
He also made a call for all citizens with bright business ideas to contact NEDCO about the upcoming 4th cohort of the Business Accelerator Programme (BAP) which will begin in 2024.
NEDCO’s Business Accelerator Programme is a 12-month programme which will equip young entrepreneurs with effective tools to compete in the market through access to entrepreneurial development training.
The Youth Development and National Service Minister said, “If you are eager to start a new business or grow an existing business this accelerator programme is designed by NEDCO and the government so you too can participate in the transformation of the economy”.
The Minister expressed that these entrepreneurship and associated services, facilitated by NEDCO will enhance organizational resilience and adaptability among young entrepreneurs.
On Wednesday, 29th November, 2023 the MYDNS in collaboration with NEDCO will celebrate Global Entrepreneurship Week 2023 with a Free Night Market from 5:00p.m. to 9:00p.m. at the Courtyard, MYDNS Head Office, #2 Elizabeth Street, St. Clair. Members of the public are invited to attend this free event.