UBEC Empowers Grenadian Blue Economy Entrepreneurs Through Business Development Information Sessions

The Organisation of Eastern Caribbean States (OECS) Commission, with funding from the World Bank’s Unleashing the Blue Economy of the Caribbean (UBEC) project, recently conducted two informative Business Development Services (BDS) sessions in Grenada. These sessions, one in-person and one virtual, aimed to equip Micro, Small, and Medium-sized Enterprises (MSMEs) operating within the blue economy with the knowledge and resources to enhance their businesses. The sessions focused on the Regional MSME Matching Grants Programme and the associated BDS support soon to be rolled out. Participants represented various blue economy sectors, including fisheries, marine tourism, and waste management, demonstrating the breadth of Grenada’s burgeoning blue economy. The initiative signifies the OECS Commission’s commitment to fostering a vibrant and sustainable blue economy within the Caribbean region.

The BDS sessions, led by consultant Dr. Jeanelle Murray, offered valuable insights into the support MSMEs can anticipate. Following individual diagnostic assessments, which will pinpoint the strengths, weaknesses, and needs of each business, a tailored program of group training and capacity building will be implemented. This program is designed to address identified gaps and bolster essential business skills. Training areas will encompass recordkeeping, costing and pricing strategies, grant proposal writing, and comprehensive business plan development. This targeted approach ensures that the provided support directly addresses the unique challenges faced by individual MSMEs, maximizing their potential for growth and success within the blue economy.

The BDS component is a critical element of the broader UBEC initiative, offering practical support to complement the financial assistance provided through the Matching Grants Programme. By strengthening the operational capacity and competitiveness of blue economy businesses, the BDS aims to create a more robust and sustainable sector. The services will be customized to address the specific needs of each MSME. For instance, a fish processor could receive training in product packaging, costing, and adherence to food safety standards. A dive tour operator might benefit from support in business continuity planning and digital marketing strategies. A waste recycling enterprise could gain valuable guidance in financial management and grant proposal development, enhancing their ability to secure funding and expand their operations.

Beyond the BDS information, the sessions also highlighted the UBEC Regional MSME Matching Grants Programme, a significant funding opportunity for blue economy businesses. This program offers grants of up to USD 25,000 for individual MSMEs and up to USD 150,000 for groups or value-chain partnerships. The grants are non-repayable and are intended to stimulate productivity, enhance sustainability, promote innovation, and build resilience within the blue economy sector. The OECS Commission emphasized the importance of the BDS in preparing MSMEs to successfully apply for these grants and effectively utilize the funding to achieve their business objectives.

The Regional MSME Matching Grant Programme, a core component of the UBEC initiative, provides crucial financial support and business development assistance to qualifying MSMEs within the Caribbean’s blue economy. Divided into two windows, the program offers grants ranging from USD 5,000 to USD 25,000 for individual businesses (Window 1) and USD 100,000 to USD 150,000 for groups or value-chain partnerships (Window 2). These grants are non-repayable and are specifically designed to fuel growth, promote sustainability, foster innovation, and enhance the resilience of blue economy enterprises. By providing this financial boost, the program aims to empower businesses to overcome challenges, seize opportunities, and contribute to a thriving blue economy.

The blue economy in the Caribbean encompasses the sustainable utilization of ocean and coastal resources for economic advancement, improved livelihoods, and the preservation of environmental health. Key sectors within this framework include fisheries and aquaculture, marine and coastal tourism, sustainable marine transport, and waste management and recycling practices linked to ocean conservation. The UBEC project actively supports the transition to a blue economy by advocating for inclusive economic development while simultaneously ensuring the protection and sustainable management of vital marine ecosystems. This holistic approach aims to balance economic growth with environmental stewardship, ensuring the long-term health and prosperity of the Caribbean region. The OECS Commission encourages all eligible MSMEs to actively participate in the BDS and explore the Matching Grants Programme to unlock the full potential of their businesses and contribute to a vibrant and sustainable blue economy.