The BDU supports the growth and development of start-ups and existing businesses in Tobago, while encouraging direct local and foreign investments and business on the island. The Unit oversees two major functions, the management of the Enterprise Assistance Fund and the Enterprise Assistance Loan Facility – through which grant and loan funding for small businesses is provided, and the initiation of strategic business development activities on the island.
The Unit facilitates entrepreneurial development through loans, grants, business coaching and mentoring, training, business development projects and outreach programmes. The Unit is also responsible for stimulating investment, sector development, and promotional strategies aimed at enhancing the growth of the small and micro enterprise sector in Tobago.
As a primary driver of the island’s entrepreneurial thrust several high level objectives are implemented through the BDU’s Strategic Business Development Unit. The Unit encourages growth in the Small and Micro Enterprise Sector (SME) as a means of generating additional employment opportunities and building capacity in the local economy.
Apart from the EAGP and the EAF, also managed by the Business Development Unit, the Strategic Business Development arm focuses on raising the standards and capacity of the business support services of enterprises. Staff of the sub unit conduct capacity building exercises with the SMEs and explore opportunities for trade and investment and sector development.
The Sector Development portfolio is critical and assists mainly in the identification and appraisal of business development projects for the growth, development and expansion of the MSME sector in Tobago. It seeks to advance the goal of fostering successful business enterprises in Tobago and expansion of targeted areas. Activities executed include:
- Conducting research to identify the developmental needs of the various business sectors
- Assistance with identification of markets for export and evaluating product export readiness
- Co-ordinating networking and facilitating liaisons through trade fairs, shows and other overseas missions
Training & Education
Additionally the SBDU offers workshops to the general business community to increase entrepreneurship knowledge and to ensure both existing and aspiring entrepreneurs are well equipped to propel their businesses. The Unit’s staff also deliver targeted presentations related to entrepreneurship & innovation on request.
Trade & Investment
In the area of Trade and Investment the Unit promotes business expansion into new markets by offering technical support for participation in trade shows, conferences and conventions.
Business Development Unit
Level 2, Victor E. Bruce Financial Complex
6-10 Post Office Street, Scarborough, 900212
(868) 639-4412 ext. 3107