Untitled Document BELTRAIDE in partnership with the CARICOM Development fund distributed almost half a million dollars to 15 maturing businesses under their BEEP program today. The Awardees participated in a series of trainings and mentorship programs under the project which equipped them with the skills and resources needed to grow their small businesses. Jomarie Lanza attended the ceremony and here's her report.
Over 90% of Belize's private sector activity is done by MSME's and over 70% of total employment is accounted for by MSME's. BELTRAIDE's Belize enterprise empowerment project better known as BEEP has sought to provide capacity building for these enterprises within the orange economy, giving them access to resources that will improve their operations and growth. They've done this through a series of training and 15 of those businesses who completed the cohort were awarded today.
Rodinald Soomer, CEO, CARICOM Development Fund
"As I understand, this group of beneficiaries Is the final batch from among the first of three Cohorts to receive support. These will be shortly followed by another 2 cohorts which like the first will be taken through the paces targeting the development of their business management acumen to include training and financial management, digital marketing in sales and culminating with the receipt of financial support."
And the Beltraide has reported that the equivalent of US $237,500 or Belizean $475,000 in grants have been so far allocated to 44 local MSME's congratulations on that achievement. And these comprise of 15 maturing businesses, 14 startups and 15 export focused businesses, these business were selected from across multiple sectors and you mentioned, blue orange and green economies spanning agriculture, agro-processing, creative industries like minded manufacturing, tourism professional services and business process outsourcing. We are pleased to learn that across these sectors there is a high participation rate of female lead youth enterprises.
They've provided these enterprises with seed capital a total of $7,000 each. Their executive director told us more about how they plan to ensure the project's continuity.
Ishmael Quiroz, Executive Director BELTRAIDE
"The start up category received a lot of interest and that is an indication of you know just the demand out there for support among especially you know new entrepreneurs, young entrepreneurs coming up and so we are definitely keen to continue the process of ensuring that there Is funds available for the next rounds for start up."
"So this is the first cohort where three categories, the start up, the maturing and the exports have been awarded seed capital there will be at least 2 subsequent calls looking at another round of maturing businesses being encouraged to apply as well as start ups and so keep on the lookout for the opportunity the idea is really to have a successful second cohort and to see where that takes us you know and to continue it there is really a lot of positive attention that has been gathered and so we are really thankful to the CARICOM development fund for this opportunity and we are certainly hoping that other opportunities will present themselves down the road."
"So we have 15 awardees being awarded the grant today they each will receive $7000 Belize dollars and the orange economy the creative sector is definitely visible, we have people involved in jewellery making as well as cosmetics and even you know cultural services and so we are very excited to have those an offer and to give them the spotlight."
And one of those entrepreneurs in today's spotlight was Shanika Garbutt, the owner of Nikka's Seamoss. She started her business in 2021 after seeing a need for a health boosting product on the market. She l told us about how her business has benefitted from BEEP.
Shanika Garbutt, Nikka's Seamoss
"Its been an awesome journey, an awesome feeling. The journey has been complicated but I made it."
"The funding, the funding will help me a long way especially with marketing, raw materials, expanding and building my business."
Reporter:
"And since the start of your business what has the reception from the public been like?"
Shanika Garbutt, Nikka's Seamoss
"It's been great its been awesome."
Reporter:
"So in terms of what you would want to say to entrepreneurs out there, persons that are considering starting a business but they may feel some anxiety starting it?"
Shanika Garbutt, Nikka's Seamoss
"My first step would be to go to Beltraide, get a mentor and move forward and Beltraide has a lot of resources that these small businesses don't know about."
Reporter:
"What has your relationship been like with your mentor over this period of the BEEP training?"
Shanika Garbutt, Nikka's Seamoss
"I have an awesome relationship with my mentor. She was there every step of the way one phone call away."
