The Tobago House of Assembly Venture Capital Equity Fund Limited (VCEFL) is a company established o support private sector investments in priority areas identified in Tobago’s Comprehensive Economic Development Plan (CEDP) 2.0. The VCEFL’s Mandate is to strengthen qualified fledging enterprises through public/private sector equity arrangements of between $500,000 and $5 million to enable Tobago’s economic diversification.
The company was created in 2010 by the Tobago House of Assembly and is guided by the Venture Capital Act 1994 and managed by a Board of Directors that is made up of the following:
- Anthony Pierre (Chairman)
- Vernie Shield (Deputy Chairman)
- Alvin Pascall
- Petal Roberts
- Esther Le Gendre
- Ms. Solange Henry
Eligibility
Any company not engaged in financial services, retail services, property management, rental, leasing or improvement of land, and customs brokerage can submit a proposal to VCEFL. Potential investees, however, must:
- Be incorporated or continued under the Companies Act (1995),
- Be designated a CARICOM Enterprise under the CARICOM Enterprise Act
- Have issued and fully paid up capital of less than $50 Million
There are also preferred sectors which have been given high priority for VCEFL’s investment based on the company’s strategic focus, these include:
- Clean Light Manufacturing
- Agriculture and Agro-Processing
- Niche Tourism
- Clean, Renewable Energy and Green Technology
- ICT Information Communication Technology
- Creative Arts and Entertainment
Evaluation Process for Investment
For an investment to be made a company must submit a business plan to VCEFL, located at the Victor E. Bruce Financial Complex. The proposal is then reviewed at different stages, by both the VCEFL Board and investment committee, who analyse the submission based on the following:
- Management: An examination of the company’s track record, capacity for financial partnership and the entrepreneurial drive.
- Company, Product and Service: Consideration of the potential sales, feasibility and market potential of the proposed activity
- Investment: An Appraisal of the underpinning strategy, size of investment and target market
For a list of requirements to be included in a business plan, VCEFL can be contacted at:
Victor E. Bruce Financial Complex
6-10 Post office Street
Scarborough 900212
Tobago
Phone: 868-299-0771 ext. 2700, 2702, 2704, and 2705
E-mail: vcefl@gov.tt
Or visit: www.tobagoventurecapital.com
