By Zoila Palma: BELTRAIDE and the CARICOM Development Fund (CDF) have officially concluded the Belize Enterprise Empowerment Program (BEEP), disbursing BZ$788,000 in non-repayable grants to 95 micro, small, and medium enterprises (MSMEs) across Belize.
The program’s completion was marked by a closing ceremony and lessons-learned workshop today.
Launched on August 14, 2024, BEEP evolved from the Belize Enterprise Revolving Fund, established in 2020. In April 2024, the initiative shifted to a grant-based model after partners recognized that businesses needed immediate financial support without taking on additional debt. In addition to funding, participants received business training, advisory services, and mentorship from BELTRAIDE personnel.
The program supported businesses in sectors including agriculture, agro-processing, manufacturing, tourism, creative industries, information technology, professional services, and business process outsourcing. Of the 95 beneficiaries, 61 businesses, or 64 percent, were women-owned, while 20, or 21 percent, were led by young entrepreneurs. Another 28 businesses operated in creative, cultural, and artistic industries.
Monitoring results show that 21 businesses expanded into new markets or introduced new products and services, while 16 reported more stable operations and greater confidence in pursuing additional financing. Beneficiaries across all groups also reported increases in sales.
BELTRAIDE and the CDF say the lessons gained through BEEP will help guide future support for local enterprises and contribute to a more competitive and resilient Belizean economy.
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