Two groups of Dominican entrepreneurs have received a total of $295,758 as small business funding from the United Nations Development Program (UNDP) Future Tourism Project. The first group received $257,850 and the second group which comprised four female entrepreneurs received $38,000.
Witnessing the awarding of the financial grant was the Minister for Entrepreneurship and Small Business Development, Daren Pinard. The minister tasked the beneficiaries to boost their small business with the grant according to the business expansion plans they had drawn up before time. He said they are free to modify their business plans in line with changing times so long the review serves to make their business more viable and profitable.
“A plan without action is simply a wish, and the UNDP future tourism business adaptation program provided you with structured guidance on how to best implement and execute those adjusted plans,” Pinard said. “Business plans are not meant to paralyze you, but they simply serve as a guide to help you remain focused on your major goals and priorities. You should, however, be prepared to adjust those plans when they no longer fit in the realities around you.”
Given the global impacts of the Russian-Ukrainian war, the COVID-19 pandemic, and the natural disasters that have occurred in Dominica, Pinard said the Isle Island lost 226% of its GDP in recent times. He therefore credited entrepreneurs with their resilience to build businesses that would erase poverty, employ people, and contribute significantly to the country’s GDP.
“Small businesses worldwide are one of the largest employment blocks; and here in Dominica, we have approximately 3,000 active small businesses contributing approximately 15,000 jobs and 20% of our GDP,” Pinard revealed.
He stated that since 2009, the Small Business Support Unit has been helping Dominicans to register their businesses and to get their products certified. He added that beyond facilitating funding and grants, the government also provides hand-holding support to enable new and existing businesses to stand firmer on their feet.
Pinard also urged small businesses with gross incomes of $250,000 or less to take advantage of the government’s fiscal incentive concession licence for import duty waivers. He then encouraged small businesses to attend a networking and market exposure symposium that will be coming up at the stadium forecourt on June 9. Lastly, he appreciated the UNDP for their efforts at providing support for small businesses in Dominica.
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