A new co-financing initiative aimed at helping small and medium-sized enterprises (SMEs) accelerate their green transition and digital transformation has been introduced in Saint Lucia.
The Caribbean Export Development Agency (Caribbean Export), with support from the European Union’s Global Gateway initiative, has launched the Building Resilient Innovation for Digital & Green Enterprises (BRIDGE) programme. The initiative offers co-financing of up to EUR€100 000 to help SMEs advance their digital and green transition efforts.
To help local businesses access this opportunity, Caribbean Export will host a capacity-building session titled Expanding Access to Finance on October 27, at Coco Palm, Rodney Bay, starting at 9:00 a.m.
According to Caribbean Export, the session will feature interactive discussions designed to provide participants with practical knowledge of the financial services and products available to micro, small, and medium enterprises (MSMEs). It will also outline strategies to effectively access these resources.
“Participants will explore a broad range of financing options and sources, including commercial banking services, credit unions, microfinance, equity financing, and grant opportunities,” the agency said in a statement. “The session will also examine the suitability of these financial instruments for MSMEs at various stages of growth.”
Attendees will also hear from a past Caribbean Export grant beneficiary who will share firsthand insights into the process and impact of receiving grant funding.
An additional session will introduce the EU-funded BRIDGE Grant Facility, providing an overview of the application process, engagement guidelines, and preparation steps for upcoming funding opportunities.
Key aspects of the BRIDGE programme will be outlined, including grant size, eligibility criteria, co-financing requirements, and priority focus areas such as support for women and youth-led businesses, digital transformation, and green transition.
In keeping with Caribbean Export’s goal of strengthening SME competitiveness and enhancing export readiness across the region, the sessions are designed to equip participants with the skills needed to develop effective grant proposals. Topics will also aim to grow participants’ understanding of different types of grants, the grant lifecycle, key components of successful proposals, and practical writing techniques to improve applications.
Thia is a great and timely initiative. Hope the youth and other ambitious women can benefit from such opportunities in Saint Lucia.
Allen Chastanet while he was in office, along with other member countries, contributed $2 million USD (about $5.4 million XCD) to the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) fund the initiative.
The ECPCGC was created in 2018 as a joint initiative of the World Bank, the Eastern Caribbean Central Bank (ECCB), and the governments of the Eastern Caribbean Currency Union (ECCU) to make loans more accessible for Micro, Small, and Medium-sized Enterprises (MSMEs).
Each of the six participating ECCU member states contributed US$2 million to the corporation, creating an initial capital base of US$12 million.
The participating governments are:
Antigua and Barbuda
Dominica
Grenada
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
The ECPCGC partners with financial institutions to provide loan guarantees for MSMEs that have insufficient collateral. In St Lucia Small Business presented their business case to the Bank Of St Lucia and 1st National Bank.
For qualifying businesses, the ECPCGC guarantees up to 75% of the collateral needed for a loan. This means the UWP government provided the security up to 75% of the loans.
This meant that there was no government interference.The MSMEs were approved based on the financial viability and sustainability of the business case.