On Friday 4th March, 2022, exporTT, the National Export Facilitation Organisation of Trinidad and Tobago, launched a new funding opportunity aimed at manufacturers.
The Labelling and Product Testing Fund, a project of exporTT Ltd under the Export Booster Initiative (EBI), is designed to facilitate product testing, product and/or packaging modification and labelling redesign required to meet preferences and requirements in export markets.
The fund is aimed at companies that:
Have potential export orders and require testing of products to ensure target market standards are met
- Are seeking to enter new markets where packaging changes are required to meet the entry requirements
- Require testing for nutritional content and regulated substances such as, but not limited to, heavy metals and cadmium
- Need product modifications based on documented buyer or market requirements
- Require their product to undergo physical or formulation modifications in order to meet target market requirements based on buyer preference
The fund will cover 75% of the cost of product testing, product modification, packaging modification and labelling redesign up to a ceiling of TT$80,000 per beneficiary.
According to Crisen Maharaj, Manager of Capacity Building and Programme Funding, the Labelling and Product Testing Fund gives exporters that final push into securing sales for their products in a foreign market.
“Many companies, after they have B2B meetings with prospective buyers, get potential sales but there would be minor requirements to be satisfied before they could actually finalise sales. For example, a buyer would say that the market does not accept bottles of a certain size packaging, or there may be particular colours that are not socially acceptable for products in a certain market. Companies can incur significant costs to make these changes, especially when dealing with multiple SKUs. This fund will help companies overcome these last set of hurdles in finalising a sale.”
Businesses of all sizes are invited to apply for this funding, as, according to Maharaj, costs incurred by companies in order to meet some of the required standards and certifications for entry into certain markets can be especially prohibitive for Small and Medium-Sized Enterprises (SMEs).
exporTT Ltd will be collaborating with the Trinidad and Tobago Manufacturers’ Association and EXIMBank, in the execution and implementation of this funding for eligible companies.
Interested companies can find more information and apply to the fund by visiting exporTT Ltd’s website – https://exportt.co.tt/lptmf