In a significant boost to Belize’s entrepreneurial landscape, twenty-nine small business proprietors have been awarded individual grants of $7,000 through the Belize Enterprise Empowerment Project (BEEP). The initiative, administered by BELTRAIDE, represents a strategic national effort to fortify micro, small, and medium enterprises (MSMEs) across diverse economic sectors.
The funding mechanism originates from the CARICOM Development Fund, with BEEP’s launch in 2024 establishing an ambitious target to assist 95 MSMEs within a two-year timeframe. The recent disbursement ceremony signified the completion of the program’s third cohort, demonstrating steady progress toward this objective.
Narda Garcia, Chief Executive Officer at the Ministry of Investment, emphasized the program’s comprehensive approach during her address. “While our initial cohort distributed $475,000 among 44 enterprises nationwide,” Garcia stated, “the initiative transcends mere financial assistance. Recipients underwent intensive capacity-building programs encompassing financial literacy, digital marketing strategies, and strategic investment planning before qualifying for funding.”
Grant allocations are designated for multifaceted business enhancements including operational capital, equipment acquisition, product innovation, marketing initiatives, and packaging improvements. Early indicators suggest the program is already transforming business methodologies among participants.
Notably, the cohort demonstrates strong inclusive representation with 21 female entrepreneurs and 13 recipients originating from rural communities. Kenima Williams, proprietor of Kenima’s Garifuna Cooking Class, highlighted how the grant will facilitate cultural tourism expansion and scuba diving operations development.
Ishmael Quiroz, Executive Director of BELTRAIDE, confirmed ongoing support structures beyond financial disbursement. “Our commitment involves substantial post-award accompaniment,” Quiroz explained. “We collaborate with institutional partners including Caribbean Export to ensure continuous technical assistance and advanced training opportunities.”
Projections indicate complete disbursement of approximately $800,000 to all 95 designated MSMEs by the program’s conclusion in 2026, substantially reinforcing Belize’s small business ecosystem against contemporary economic challenges.