CONFUSION erupted at the National Entrepreneurship Development Company Ltd (Nedco) yesterday after a media release announced the closure of its Micro and Small Business (MSB) Grant Scheme, a decision that both the Minister of Labour and the newly appointed board chairman say was never approved by them.
According to Nedco’s website, the MSB Grant Scheme was established by the Government to support entrepreneurs in Trinidad and Tobago by providing financial assistance and resources. The grant is open to individuals with a business idea, a start-up, or an existing business.
The release stated that the scheme had been closed and that applications already submitted were under review for final selection.
However, when contacted yesterday, both Minister of Labour and Small Enterprise Development and line minister for Nedco Leroy Baptiste, and the newly installed chairman of the board, Ken Lakhan, expressed surprise at the announcement. They stressed that no decision to end the programme had been taken.
Minister Baptiste told the Express that the board was installed less than two weeks ago and confirmed that no such decision had been taken. He also assured that the release was being retracted and directed further questions to the chairman.
When pressed on who authorised the release, Lakhan said it was issued at the management level. He added that the move was “premature” and had not been sanctioned by the board.
“It was not sanctioned by the board at all, that is why it is being retracted. We are in discussions of the way forward. Closing it down is not one of the options,” Lakhan said. He added that the decision was “management level, a decision that they took without approval. The CEO did mention it to us that they have 4,000 applications right now and because of the amount of applications it does not make sense taking more at this point in time.”
He reiterated that management “did it without I knowing this, I did not sign off on this; the board did not vote on this. This has to be retracted.”
Overwhelming
response
Earlier yesterday Nedco posted the statement on its website and social media accounts advising that the scheme had been closed, and that applications already submitted were now under review for final selection.
When the Express visited the social media account on Instagram around 6.30 p.m., the release had been removed. However it remained on its website under its news section.
On its Facebook (FB) account, it indicated that the first meeting of the Nedco board of directors was held at Nedco’s Head Office, Queen’s Park East, Port of Spain, on August 20. “The board will play a pivotal role in shaping the strategic direction of Nedco, ensuring the continued development and sustainability of the entrepreneurship sector,” it stated then on FB.
The media release issued yesterday also stated that, “Since its launch, the MSB Grant Scheme has received an overwhelming response, with over 4,000 applications submitted against a programme capacity of 2,000. To date, 459 micro and small businesses across Trinidad and Tobago have benefited from essential funding and resources to establish and grow their ventures”.
Nedco said the programme had supported businesses in 19 sectors, including agriculture, healthcare, ICT and entertainment, with strong representation in personal services (14%), food sales and processing (11%), and manufacturing (9%).
“Grant recipients have leveraged funding to expand services, acquire equipment, enhance service quality, and secure new market opportunities, contributing to business growth and employment generation,” it added.
Success stories
Highlighting the programme’s inclusivity, Nedco noted that 61% of recipients were female, with an even split between younger entrepreneurs (18–35 years) and experienced owners (over 35 years). Recipients came from both Trinidad (89%) and Tobago (11%). Many have secured contracts with organisations such as the Marriott Hotel and Heritage Petroleum, launched telehealth services, and strengthened their online presence, said the release.
The release also quoted a comment by Nedco chief executive officer Calvin Maurice, that “despite the closure of this grant, Nedco’s commitment to promoting entrepreneurship in Trinidad and Tobago remains stronger than ever. The success stories we’ve witnessed from expanding art schools to securing international contracts – highlight the power of strategic support for our entrepreneurial community.”
“The incredible achievements of MSB Grant recipients – from launching second products to forming international partnerships – show what’s possible when we invest in our entrepreneurs. We will continue developing innovative ways to assist the business community,” said Amoy Van Lowe, Head Programme Coordinator.
The release added that Nedco continues to support entrepreneurs through business training and development programmes, mentorship and consultative services, networking events, and access to financial opportunities.
Entrepreneurs who missed the MSB Grant application deadline were being encouraged to explore these alternatives and remain engaged with Nedco for future initiatives.