Freeport, Bahamas - The Grand Bahama Chamber of Commerce in Conjunction with the Inter-American Development Bank will host a workshop on March 14th, 2012  to educate our members on grant opportunities available through the IDB. The focus of this workshop will be Compete Caribbean. 

The Enterprise Innovation Challenge Fund is Compete Caribbean’s mechanism to support firms that want to innovate, create new products and export to new markets. All CARIFORUM registered firms, through a competitive process, have an opportunity to access grant resources of up to US$500,000 through either the Support to Cluster Initiatives (SCI) or Direct Firm Support (DFS) window.

The SCI window targets small and medium sized firms that are collaborating with each other to overcome common challenges and limitations. There are three types of alliances that qualify for funding under this window. These are:

1. Horizontal business alliances (associativity): A group of at least two companies that come together to develop a project in order to face common challenges and/or engage in inter-firm collaboration to improve their productivity and competitiveness.
2. Vertical business alliances (value chain integration): This consists of the creation of an alliance between a lead business and its providers to develop a project that contributes to increased productivity and competitiveness of the value chain.
3. Conglomerate-type business alliances: Businesses or groups of businesses will form alliances with other public and private actors in a given geographic territory. The purpose of the alliance will be to develop a project or program that contributes to promoting and better integrating the productive activities in that area.
4. The DFS window targets medium sized firms that would like to implement a commercially viable project that promises significant economic and social returns but is deemed too risky to be financed by structured financial institutions, such as commercial banks.
5. This window awards matching grants based on an open and transparent competition.   
   
6. The DFS window has an indeterminate number of rounds in each year and supports businesses working in agriculture, financial services, renewable energy and technologies, tourism, among others.

Who can apply? 
Any private firm or partnership of firms that includes at least one company registered in the Caribbean can apply. International firms can be involved as partners in projects. The firm(s) must have an innovative business idea that meets the challenge and have resources available to match the amount requested (between USD $100,000 and USD $500,000).

During the workshop participants will receive more detailed information on how to apply for this grant and the others that are available.  Plus, information will be giving on how to correctly apply for a grant.  

The Grand Bahama Chamber of Commerce will continue to look for ways and opportunities to strengthen the growth and development of small businesses and the economy of this island.  This is a wonderful opportunity for our business community to take advantage off and I look forward to seeing them at the workshop.  

The Grand Bahama Chamber of Commerce is an action agency designed to meet community needs. It is a voluntary organization of individuals and businesses that band together to advance the commercial, financial, industrial, civic interests of a community. It is a civic clearinghouse, public relations counselor, a legislative representative at the local and national levels of government, an information bureau and a research and promotion medium.  

Email: gbchamberofcommerceassistant@ hotmail.com