Belize Enterprise

​Empowerment project

deadline for submissions:
​​
Thursday midnight, September 5th 2024 

OBJECTIVES
The Belize Enterprise Empowerment Project (BEEP) seeks to provide access to financial resources and business leadership skills to 95 MSMEs in Belize throughout a 2-year period to establish and grow into thriving, consolidated businesses, ultimately generating new employment opportunities and driving economic growth throughout Belize


Sub-objectives:
  • To assist MSMEs to develop their businesses into innovative and growing enterprises that can compete in domestic, regional, and international markets.
  • To support MSMEs that are facing economic challenges due to high inflation caused by the COVID-19 pandemic and rising fuel prices, and other economic disruptions. 
  • To support MSMEs within the blue, green, and orange economy

BENEFITS
Main benefits will include the following:
  • Customized Business Training
  • Personalized business advising
  • Grants ranging from $5,000 for $20,000
    • Start-up, $5,000
    • Maturing- $7,000
    • Near Export/Export Ready- $20,000

Target Groups
  1. Start Ups - Disadvantage & Vulnerable Groups (including Women, Youths, Indigenous/rural):  start-ups operating less than 2 years and have a clear innovative business model and operated by persons within vulnerable groups such as women, indigenous, and youths at risk.
  2. Maturing Enterprises: Operating for more than three (3) years with slow but steady growth and have an innovative business model and ready to scale nationally. 
  3. Exporters, including Near-Export, or Export-ready Enterprises: Operating for more than three (3 years) and demonstrate scalability potential, ability to improve capabilities and capacities to penetrate or increase sales to new or existing markets. 

Apply Now

deadline for submissions: Thursday midnight, September 5th 2024 

ELIGIBILITY CRITERIA

01. ​Start Ups - Disadvantage & Vulnerable Groups (including Women and Youths):

The following criteria will determine the applicant’s eligibility:
  • The business is 100% Belizean Owned
  • Age 18 or older
  • Female headed initiatives, at- risk youth led, and indigenous persons
  • Operating less than 2 years
  • Is in the initial phase of its business lifecycle but has potential to grow rapidly and expand its operations.
  • Value added potential Innovation: Usage of new technology or existing technology, or simply innovates through processes.
  • Environmental and social sustainability – Activities do not pose any negative externalities to the environment.
  • Businesses are engaged in sectors such as Aquaculture, Tourism, Light Manufacturing, Creative Industry, Professional Service Provider, Agriculture and Agro-Processing.

02. Maturing Enterprise

  • The business is 100% Belizean Owned
  • Age 18 or older
  • Operating more than 3 years
  • The business has a well-defined customer base and has optimized processes and consistent income generation.
  • Value added potential, Innovation: Usage of new technology or existing technology, or simply innovates.
  • Environmental and social sustainability – Activities do not pose any negative externalities to the environment.
  • Businesses are engaged in sectors such as Aquaculture, Tourism, Renewable Energy, BPO’s, Light Manufacturing, Creative Industry, Information Technology and Communication Services, Agriculture and Agro-Processing.

03. Exporters, including Near-Export, or Export-ready Enterprises: 

The following criteria will determine the applicant’s eligibility:
  • The business is 51% Belizean Owned
  • Age 18 or older
  • Operating more than three (3) years.
  • The business has a strong domestic foundation and is exploring international expansion, or the business has established export operations with active sales internationally.
  • Value added potential, Innovation: Usage of new technology or existing technology, or simply innovates.
  • Environmental and social sustainability – Activities do not pose any negative externalities to the environment.
  • Businesses within the industries of Aquaculture, Tourism, Renewable Energy, BPO’s, Light Manufacturing, Information Technology and Communication Services, Agriculture and Agro-Processing.

FUNDING Amounts

Category
Amount (BZD)
Start Ups - Disadvantage & Vulnerable Groups (including Women and Youths)
$5,000
Maturing Enterprises
$7,000
Exporters, including Near-Export, or Export-ready Enterprises
$20,000

What CAN BE fundED?

Target group 1 and 2 must incur the following expenses.
 
  1. Advance prototypes and market validation efforts.
  2. Financing of Working Capital: Purchasing of raw material, product expansion, diversification of existing products and services based on changing market conditions
  3. Enhancement of product/service to penetrate new markets.
  4. Development of business infrastructure.
  5. Expenditures for the following validation activities:
    1. Promotion of the product/service within potential customers.
    2. Customer loyalty and retention; and
    3. Referral Strategies for growth of customer base.
  6. Investment in essential assets: machines, equipment (including IT technology) and tools for commercial validation.
  7. Development of a robust Minimum Viable Product (MVP) to gather customer feedback and refine the product/service.
  8. Outsourcing services for marketing, branding, graphic design, prototyping, packaging and labelling, testing, and so forth.
  9. Prototypes: materials and supplies, spaces, samples, certifications and permits required
 
Target group 3 must incur the following expenses:
 
  1. Financing of Working Capital: essential raw material, product expansion, diversification of existing products and services based on changing market conditions.
  2. Equipment modernization, technology adoption or investment in productive assets
  3. Adoption of standards and/or technical requirements (Food safety standards)
  4. Certification or implementation of quality systems
  5. Research & Development and innovation aimed at feasibility assessments and market identification/ penetration.
  6. Product and service development
  7. Implementation of IT solutions (website, e-commerce)
  8. Market research and testing
  9. Packaging and design
  10. Protection of intellectual Property Rights (registration of trademarks, patents, etc)

What cannot be funded?

This list is for guidance only and is not exhaustive.
  • Expenditures incurred before the date of approval of the funding.
  • Payment of debts and taxes, except import taxes or environmental taxes.
  • Buying shares or other financial investments.
  • Any assets not directly related to the business.
  • Salaries for the entrepreneurial/ business team members and the staff.
  • Design, development, enhancement, or validation of business plans, sales plan, or financial plan.
  • Personal expenses for the team;  ​
​

Application Process

  1. Complete application
  2. Pre-selection process.
  3. Debriefing Meeting with pre-selected applicants
  4. BELTRAIDE will assign an advisor to selected applicants.
  5. Shortlisted applicants participate in 5-day business training to develop business model, investment plan, and cash flow statement. 
  6. Pre-Selected applicants prepare to present business pitches to Evaluation Panel.
  7. The Evaluation Panel provides feedback to each entrepreneur and approves grants disbursement. 
  8. Implementation of Funds 

MonitorinG & Evaluation

  • Develop a comprehensive business model, investment plan, and cash flow statement
  • Attend at least 85% of required training sessions.
  • Sign a grant agreement to commit funds directly to the business.
  • Submit progress and final reports with financial documentation (invoices/receipts).
  • Collaborate with advisors to assess business growth and project impact, including job creation, new products, market expansion, and revenue generation.

Apply Now

deadline for submissions: Thursday midnight, September 5th 2024