Improving Financial and Business Literacy of Small and Micro Entrepreneurs

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The project objective is to improve the financial literacy of small and micro entrepreneurs in Trinidad and Tobago by providing small and micro entrepreneurs with the appropriate and necessary information, training and tools, which will allow for the financial sustainability, growth and development of their business operations. Specific project objectives include the following:- Definition of financial literacy training needs of the micro and small business sector- Development of training materials and model that can be adapted into a mainstream business support service - Raising financial literacy of at least 300 micro and small business owners in 14 communities across Trinidad and Tobago and improve business performance of these entities via more informed financial management and decision making. Key components of the program will include the following: 1.Baseline study to define financial literacy needs as well as the dimensions and demographics of the targeted sector 2. Development of training materials including 3 manuals and web based / multimedia content on topics such as savings, investment, debt management, risk management, budgeting, interpreting financial statements, accounting and financial management principles 3.Hosting of training seminars and mini expositions to promote and raise aware mess of relevant financial products and services and their impact on business performance. These seminars will target at least 300 micro and small business entrepreneurs across 14 communities in Trinidad and Tobago. Communities will be selected to facilitate equitable geographic coverage as well as coverage of areas with high concentrations of small and micro businesses 4. Evaluation of results 5. Mainstreaming financial literacy for micro and small business owners by seeking and engaging a partner to sustain this program by using existing materials to continue in training and awareness building within the targeted group. Business support organisations such as the Business Development Company or the National Entrepreneurship Development Company are examples of potential partners. These organisations are actively involved in providing ongoing financial and advisory services to small and micro businesses, and may be interested in mainstreaming the program based on results achieved.