Caribbean businesses interested in furthering their entrepreneurial ambitions are being encouraged by the regional private sector development programme, Compete Caribbean, to apply for grants available through the organisation.

Compete Caribbean, a five-year Caribbean private sector development programme, is targeting Caribbean-based firms which it says can benefit from non-repayable grants ranging from US$100,000 to US$500,000.

The entity has set out criteria for grant allocations including the requirement the projects for which grants are being sought be both innovative and commercially.

It says that grant awardees will be chosen based on a competitive bidding process and that firms seeking grants must furnish a project idea that meets the challenge advertised.