Trainee Start-Ups Receive $6.7 Million from HEART/NSTA Trust

For the 2024/25 fiscal year to date, funds allocated to HEART/NSTA Trust trainee start-ups amount to $6.7 million.

This is part of the ongoing investment by the Trust in the micro, small and medium-sized enterprise (MSME) sector, in a bid to foster entrepreneurial growth and development.

Executive Director of the HEART/NSTA Trust, Dr. Taneisha Ingleton, provided details at the Ministry of Industry, Investment and Commerce’s MSME Business Roadshow on February 20, at the JUICI Empowerment Centre in Clarendon.

Dr. Ingleton explained that the funding is to support the continued growth and development of MSMEs.

“The sum is a portion of grant funding carried forward from the 2023/24 fiscal year to provide continued financial resources for ongoing projects,” she said.

The amounts carried forward are for MSMEs ($8.4 million), and for the trainee start-ups ($13.4 million).

Dr. Ingleton said the sums ensure sustained financial support, which will continue to empower entrepreneurs in the current fiscal year.

“We are particularly focused on improving MSMEs’ access to capital, training and ensuring long-term sustainability,” she noted.

In the 2023/24 fiscal year, 245 entrepreneurs received MSME grant funding to support a diverse range of initiatives, including 100 trainee start-ups, 13 MSMEs, 32 incubatees, and 100 Rural Youth Economic Empowerment Programme (RYEEP) participants.

The total funding of MSMEs amounted to $12.7 million, while trainee start-ups received $29.9 million.

Since 2020, the Trust has supported more than 300 start-ups and provided grants of up to $1 million individually to more than 30 established MSMEs.

“Our diverse initiatives play a critical role in scaling these businesses, enhancing employment and facilitating export growth,” Dr. Ingleton said.

Source: JIS