The Government of St. Vincent and the Grenadines has made significant progress in boosting the development of the Information Communication and Technology (ICT) sector. To this end, grants totalling more than XCD 2.5 million have been distributed to twenty-one (21) local businesses within the past year.
The funds were awarded through the Business Incubation and Training Grants programme that is a component of the Caribbean Regional Infrastructure Programme (CARCIP) SVG project that was launched in 2014. CARCIP SVG forms part of Government’s initiative to increase the range of local business enterprises utilising modern technology, support business expansion and create jobs.
Under the Business Incubation Grants programme, sixteen (16) businesses, including existing and start-up enterprises have each received funding of up to XCD 150,000. A total of over XCD 1.4 million has been disbursed. The businesses received funding for equipment, software and marketing support.
The recipients are also receiving assistance in the development of skills as incubatees of the National Centre of Technological Innovation (NCTI) Business Incubator Programme. Six (6) incubatees located across St. Vincent are being supported virtually while ten (10) are residential incubatees stationed at the NCTI’s Business Incubator at the Diamond Industrial Estate.
Under CARCIP SVG’s Training Grants programme, six (6) businesses are benefiting from funding of up XCD 150,000. This programme has committed XCD 586,000 in grants for Vincentian small businesses and non-government institutions. The training is improving the skills set of their employees/members in ICT or ICT-related areas. Businesses also received equipment and software to support the training activities.