CDB Launches ‘Propel’ to Accelerate Caribbean Small Business Growth

The Caribbean Development Bank (CDB) has launched CDB Propel, a revamped flagship programme aimed at providing greater technical assistance, innovation and business support for micro, small and medium-sized enterprises (MSMEs) across the Caribbean.

The initiative replaces the Caribbean Technological Consultancy Services (CTCS) Network, building on more than four decades of support for entrepreneurs while introducing a more strategic approach to strengthening the region’s business ecosystem.

Speaking at the launch, CDB President Daniel Best said MSMEs remain the backbone of Caribbean economies, accounting for between 70 and 85 per cent of businesses, contributing up to 70 per cent of Gross Domestic Product and providing about half of all employment across borrowing member countries.

Best revealed that between 2015 and 2025, the Bank invested approximately US$11.8 million in CTCS technical assistance projects, benefiting more than 10,000 entrepreneurs and MSMEs.

He announced that the Bank has earmarked US$5 million under the 11th cycle of the Special Development Fund to finance CDB Propel between 2025 and 2028.

“This is not merely a rebranding exercise,” Best said. “It represents a broader strategic repositioning of the Bank’s flagship MSME technical assistance programme.”

He explained that the new programme would shift from a largely demand-driven model to one focused on targeted interventions capable of delivering greater development impact, particularly in priority sectors.

The President said CDB Propel will support innovation, climate resilience, digital transformation, youth entrepreneurship and stronger institutions while introducing competitive calls for proposals to identify high-impact projects throughout the region.

Earlier, Division Chief, Private Sector Division Lisa Harding said the entrepreneurial landscape has changed dramatically since CTCS was established in 1982.

She noted that today’s entrepreneurs face global competition, rapid technological change, cybersecurity threats and climate challenges, making stronger business support systems more critical than ever.

“Today’s entrepreneurs are more connected, more ambitious and more innovative. They are competing on a global stage from islands many still describe as small, but there is nothing small about their ambition,” Harding said.

One entrepreneur already benefiting from CDB support is Kelly-Ann Allicott, founder of Barbados-based Apogey Labs, who is transforming sargassum seaweed into sustainable cosmetic ingredients.

She credited CDB-backed programmes with helping her strengthen her business model and gain the confidence to pursue an innovative idea many initially doubted.

“My vision is to continue exploring how sargassum can be transformed into high-value products while contributing to more sustainable and circular economies in Barbados and the wider Caribbean,” she said.

A panel of regional business support organisations also urged the Bank to continue investing in digital transformation, entrepreneurship training, business incubation, investment readiness, climate innovation and regional collaboration to help businesses move beyond the start-up stage.

Officials said CDB Propel will continue working through business support organisations, tourism agencies, climate innovation centres and youth development organisations to deliver technical assistance across the Caribbean.

The Bank says the programme represents its renewed commitment to empowering entrepreneurs, accelerating business growth and building stronger, more resilient Caribbean economies.