Invest TCI Drives Sustainable Growth for MSMEs

Providenciales, Turks and Caicos Islands – December 3^rd, 2024 – Invest Turks and Caicos Islands (Invest TCI) remains steadfast in its commitment to fostering sustainable economic growth through its Micro, Small, and Medium Enterprises (MSME) Programme. This flagship initiative has proven to be a cornerstone of local business development, providing critical financial support, technical assistance, and customs duty concessions to bolster entrepreneurship.

Programme Highlights

Since its inception in 2016, the MSME Programme has committed over $3.66 million, with $1.58 million disbursed as of March 2023, benefiting 180 MSMEs in priority sectors such as tourism, agriculture, fisheries, and public transportation. In the fiscal year 2023-2024, the programme supported over 50 projects, distributing $861,000 in cash grants, $159,180 in technical assistance, and $325,100 in customs duty concessions as highlighted in the MSME Annual Report 2023- 2024.

The MSME programme has recently expanded to include new priority sectors, increasing the total number of priority sectors to 16, thus enhancing its relevance and ability to address the evolving needs of the local economy. With a strong focus on inclusivity and accessibility, the program ensures that Turks and Caicos Islanders remain its sole beneficiaries.

While Providenciales continues to be the largest recipient of program funds, reflecting its role as a key economic hub, significant support has also been extended to other islands such as Grand Turk, North Caicos, and South Caicos. This underscores the programme’s far-reaching economic impact across the archipelago, fostering growth and development throughout the Turks and Caicos Islands.

Commitment to Governance and Transparency

Invest TCI continues to place transparency and governance at the forefront of its MSME Programme. A multi-sectoral committee meets monthly to evaluate proposals and make recommendations to the Minister of Finance, Investment, Trade, and Public Policy for approval.

In alignment with the MSME Development Ordinance 2015, the programme enforces strict monitoring and evaluation measures. Currently, 153 concession orders are actively monitored, with annual inspections conducted over a five-year period. These efforts ensure compliance and effective utilization of benefits, with over half of the supported projects remaining actively operational, underscoring the programme’s role in strengthening local businesses and economic resilience.

Streamlining the Application Process

Invest TCI has simplified the MSME application process to enhance accessibility and efficiency. Entrepreneurs can now complete a streamlined single-page online form, allowing applicants to submit their supporting documents digitally, and schedule consultations with MSME team members.

All approvals are published in the Government Gazette, and programme updates are shared across Invest TCI’s digital platforms, ensuring stakeholders are informed of progress and opportunities. Stakeholders are encouraged to follow Invest TCI on social media for timely updates and announcements.

Driving Results and Future Expansions

A recently concluded Impact Study, completed in July 2024 and based on the OECD DAC framework, evaluated the MSME Programme’s effectiveness. The study revealed that 74% of beneficiaries experienced enhanced sales, improved product development, and job creation, underscoring the programme’s transformative impact.

With 91.4% of allocated funds committed in the 2022-2023 fiscal year, the programme demonstrates strong resource allocation. Recommendations from the study will guide future operations, address disbursement bottlenecks, and enhance technical support.

Invest TCI’s proactive measures to expand programme capacity include increasing staffing to enhance monitoring and improve service delivery. The agency has also advocated for additional funding to support its growing roster of MSMEs.

Looking Ahead

Invest TCI is advancing its Business Linkages Policy to strengthen relationships between small businesses and larger enterprises, creating a cohesive ecosystem of shared success. By emphasizing governance, accessibility, and strategic growth, the MSME Programme continues to empower local entrepreneurs, bolster economic resilience, and ensure the benefits of development remain within the Turks and Caicos Islands. Entrepreneurs and businesses are encouraged to visit Invest TCI’s MSME webpage to learn more about the programme and follow Invest TCI on social media for regular updates and opportunities.

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About Invest Turks and Caicos

Invest Turks and Caicos is the Islands’ Investment Promotion Agency, responsible for enhancing the economy through the attraction, growth and retention of overseas investment; and supporting the growth of local businesses.

We provide a free and confidential service to overseas businesses looking to expand and will work with a company project team throughout the investment process, providing advice and support. This can include:

– Information on the local business climate;

– facilitating contact with relevant Government Departments throughout the investment  process;

– advice on Government incentives and concessions to investors;

– introductions to local service providers/suppliers;

– advice on work permits and permanent residency procedures;

– ongoing support following set up.

We also work actively to support the growth of local businesses, including the management and delivery of the Micro Small and Medium Enterprise programme which provides concessions and reliefs to locally owned businesses.