What does it really take for a small business to be ready for financing? The answer goes beyond having a promising business idea. It means understanding their numbers, strengthening financial records and knowing what lenders expect.
These were among the practical lessons explored through the OECS MSME Finance Readiness Programme, delivered by the Caribbean Export Development Agency with support from the European Union under the Third Regional Private Sector Development Programme (RPSDP III), within the Global Gateway framework.
The OECS MSME Finance Readiness Programme was held in Dominica from September 1-3, 2026, followed by Grenada from October 13-15, 2026, in partnership with local business support organisations.
Designed to help micro, small and medium-sized enterprises (MSMEs) overcome common barriers to accessing finance, the initiative combined practical training with opportunities for direct engagement with financial institutions.
Across both countries, entrepreneurs explored why financing applications are sometimes declined, what lenders consider when assessing businesses and how to identify and address gaps in their financial readiness.
Sessions covered good accounting practices, cash flow management, financial statements, financial ratios and different forms of institutional financing.
A key feature of the programme was the Finance Access Clinic, which provided opportunities for participants to engage directly with representatives of financial institutions, discuss their financing needs and gain a clearer understanding of available options and requirements.
Speaking at the opening of the programme in Dominica, General Manager of the Dominica Export Import Agency and Caribbean Export Director, Paula Platsko, emphasised that improving access to finance requires attention to more than the availability of funding.
“We often hear entrepreneurs say that financing is not available. At the same time, financial institutions tell us that they have resources available but frequently encounter businesses that are not yet adequately prepared to access them”.
Meanwhile, Caribbean Export Director and Transition Lead with Grenada’s Ministry of Foreign Affairs, Trade and Export Development Sally Anne Bagwhan-Logie, reinforced the importance of sound financial management in helping businesses pursue growth opportunities.
“A strong business idea is an important starting point, but a financing application also needs clear financial records, an understanding of cash flow, and a realistic explanation of how the funds will be used. Businesses also need to identify the type of financing that best suits their needs and stage of development”.
For participating entrepreneurs, the programme provided practical tools and new perspectives on managing their businesses and preparing for future growth.
In Dominica, Ayisha Challenger, Owner of Caribbean Food Science, highlighted the value of the programme's accompanying workbook as a resource she could continue using beyond the training.
“It is something that I'm going to follow step-by-step to ensure that at the end of the day my business is better sound financially. So when I'm looking to source capital or grant funding, I'm in a better position to do so,” she said.
In Grenada, Delon Charles of Real Grenadian Taxi and Tours and Spice Foodie Tours said the workshop was an amazing experience.
“Most of us would have started the business as a hustle and now that we have evolved and expanded into becoming proper businesses we would need financing. This workshop helped me to learn the proper steps in preparing for financing,” he explained.
Also participating in Grenada was Johanan Lafeuillee, Founder and Principal Attorney of CARICOM Attorneys-at-Law, who welcomed the programme's support for women entrepreneurs.
“I really appreciate the way that you're leaning in to service the gender divide,” she said. “It was really great to see the number of women in the room and what this does say is that there is need for continue training”.
Lafeuillee also highlighted an important takeaway: being finance-ready does not necessarily mean immediately seeking a loan. Rather, it provides a benchmark for assessing a business's internal capabilities and ensuring it is prepared should financing become necessary.
Through the OECS MSME Finance Readiness Programme, Caribbean Export continues to support entrepreneurs in developing stronger financial management practices and building more competitive, resilient and sustainable businesses.
For Paul Baron, CEO and Founder of EDEN Consultancy in Dominica, the experience is one he would readily recommend to other entrepreneurs across the OECS.
“As an entrepreneur, you have to always keep growing and you have to search out the relevant opportunities to bolster your own acumen in order to support your business. So yes, I would definitely recommend it”.
Building on its delivery in Dominica and Grenada, the programme will continue in additional OECS countries in 2027, equipping more entrepreneurs with the knowledge and tools to strengthen their financial readiness and pursue business growth opportunities.
