Starting a business on your own requires a lot of dedication, research and perseverance. It also requires some sort of funding to get things going. Whether it is running an online business or operating a brick and mortar storefront, you need capital.
Unfortunately, for some of us, our story is that we have a great idea, maybe the next best service or product to be released on the market, but we lack capital. The other problem is that we probably don’t even know where to start looking for funds nor an investor.
Fear not! I’m here to help. I’ve found a few options that Grenadian and Caribbean entrepreneurs can explore for funding. One of these options might just be what you were looking for. Please take a look:
Archangel Investments is an online enterprise which promotes and support the development of Caribbean owned NGO’s and Small-Medium Enterprises (SME’s) by providing access to funding opportunities, donor agencies, resources and skills.
In case you are wondering, an archangel is someone who invests or provides money for a startup. The catch is that an archangel requires a return on investment or some sort of payback. This payback varies and depends on the agreement between business owner and investor. It can be, for example, part ownership of the business, especially if the investor sees potential for exponential growth. He can also ask for a percentage of sales. It is up to the business owner to decide if he/she will accept the investor’s offer with the agreed terms and conditions.
Caribbean Investment Network is a network which connects startups with angel investors from across the world. All you have to do is register, submit a well done proposal and write a winning pitch to attract investors.
Pitch & Choose is a Caribbean based crowd funding platform – first of its kind in the Caribbean. This platform allows you to pitch to your audience by creating a video and briefly describing what your idea is about. This is called a campaign. You then use social media or email to promote your campaign to raise awareness and to bring in donors.
HAPPENING NOW: LINK-Caribbean is an Investment Facilitation Project that aims to improve entrepreneur access to much-needed capital with two primary objectives: 1) to enable entrepreneurs to raise capital from private investors, principally business angel investors, and 2) to develop a pan-Caribbean early-stage investment community, with a focus on angel investors in the region, institutional investors and diaspora investors via the creation of a Regional Angel Investor Network (RAIN).
A program to advance the development of tech startup companies engaged in the business of mobile app development through investment, training and mentoring. There is no website at the moment for this organisation, but you can send a message via their Facebook page.
HAPPENING NOW: The Caribbean Innovation Competition (CIC) is an international support programme and business start-up accelerator for entrepreneurs in the Caribbean. Organized by the Young Americas Business Trust (YABT), in collaboration with REACH* regional and national partners, the CIC helps transform intellectual ideas into profitable business models through the commercialization of Intellectual Entrepreneurial Assets (IEAs).
HAPPENING NOW: The primary purpose of the Challenge is to promote innovation through entrepreneurship, provide seed funding to young Entrepreneurs with creative and innovative ideas and to enhance and foster a spirit of Entrepreneurship throughout Grenada, Carriacou and Petite Martinique.
7. Banks & Credit Unions
I have to be honest. Banks are my last resort, but they are still a good way to get startup capital. The Grenada Development Bank (GDB) makes provision for small businesses through their Small Business Development Fund where you can receive up to EC$25,000 at an interest rate of 6%. You can find more information by calling or visiting their Facebook PAGE.
I also urge you to visit other banks to find out more about their products and do comparisons before making a final decision.
Do you know of other funding agencies that are Caribbean based? Let me know below: