The $6.5 million economic stimulus for that sector was launched on Tuesday as part of government’s overall $65 million COVID-19 economic response plan.
“Your overnment recognises that COVID-19 has caused, and continues to cause significant economic impacts on workers and on businesses. That is why we put forward those initiatives to help our people to get through this pandemic,” Junior Minister for Trade & Economic Development Shereen Flax-Charles said at the virtual launching ceremony this week.
“One of the initiatives is the Small Business Sector Grant Relief Programme that was established for the purpose of assisting Micro, Small, and Medium Enterprise (MSME) businesses affected by the COVID-19 pandemic, in meeting their operational expenditure while stimulating economic activity by facilitating the circulation of money within the territory.”
The Junior Minister said the grant was approved on June 17 and will be funded by the Social Security Board.
Flax-Charles also said MSMEs comprise more than 90 percent or about 3,600 businesses in the territory.
“From the various administrative records and survey results, it has become evident within the past few months, with extended periods of low or no revenue due to the impact of the COVID-19 pandemic, small businesses became more vulnerable to prolonged economic shocks,” she further said.
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