Through the work of the NCPC, the Government of St. Lucia established the PROCOM Challenge. The Challenge, (grant-based) will be accepting applications from Monday, April 18th, 2016 and is poised to be a catalyst that specifically co-finances the private sector to implement solutions or initiatives that either enhances productivity and competitiveness within the Saint Lucian economy.
During the 2014/ 2015 budget address the Government of Saint Lucia committed EC$500,000 towards this fund. Since then the NCPC, Compete Caribbean along with the Government collaborated on the design and eventual launch of the fund.
If you meet the requirements and have an innovative idea which you think can help improve productivity and competitiveness in Saint Lucia, please complete the PROCOM Challenge Application and send us an e-mail.
HOW DOES THE PROCOM CHALLENGE WORK?
As part of the process, consultations were held with the private and public sectors on the areas that Fund should target. It was agreed, generally that projects focussed on the following will be considered:
- Delivery of methods and or technologies to reduce energy costs for businesses
- Standard adherence and compliance solutions to meet domestic, regional and international needs
- Development of new or the adaptation of current technology to reduce operational costs and improve efficiency
- Projects or solutions to improve business processes for greater efficiency and productivity
Guidelines on which the fund will operate include:
- Registered St. Lucian private sector company, (a Saint Lucian having 65% voting rights in the company).
- The proposed Challenge will specifically deploy an indirect transmission mechanism, co-financing service providers.
- The Challenge will provide co-financing of EC$100,000 or less.
- The Challenge will fund capital goods and assets of up to 40% of the project cost, and
- The Challenge has a hybrid grant disbursement mechanism mixing up front disbursement and results-based payments.
To access the Challenge applicants will need to demonstrate a level of commitment whether in cash or in kind. Capital accessed via the Challenge can be used for activities and items such as staff time costs, technical assistance, and capital goods required to design, pilot or implement a new service. The fund however cannot be used as working capital, as an investment on equipment not directly related or critical to the project or the purchase of real estate.
The establishment of the NCPC PROCOM Challenge is a large undertaking with the objective of enhancing both productivity and competitiveness in St. Lucia. The Challenge is one that will back positive ideas and innovation within the private sector, bringing with it a much needed productive impact on the country’s competitiveness climate.
Call 468-5571 or 468-5576 or send an e-mail to email@example.com if you have any questions/queries reference the PROCOM Challenge.