When opportunity knocks, successful businesses respond. Stingrae Caribbean Limited has demonstrated this principle by actively scaling and expanding into new markets. On February 4, the Trinidad-based company shared insights at the ECNETNews Barbados office, highlighting how strategic investments, expert guidance, and a well-utilized grant facilitated their growth.
In 2022, Stingrae, a leading value-added seafood processor and distributor, received a non-reimbursable grant of EUR 26,000 through the Direct Support Grant Programme (DSGP). This initiative, funded by the European Union under the 11th EDF Regional Private Sector Development Programme, aims to support business recovery following the COVID-19 pandemic. Stingrae leveraged this funding to create a more competitive and efficient business model by enhancing their website, integrating back and front-end store operations, upgrading equipment, and fortifying marketing and product development strategies.
Unlocking New Potential
The grant empowered Stingrae to engage consultants specializing in HACCP, food safety, and process improvement. These experts identified inefficiencies within the company’s processing systems and implemented essential control measures. Although this required additional capital investment, it proved to be a valuable decision.
Without their proactive approach, Stingrae might not have realized the full potential of the grant. Following expert guidance, the company achieved a significant milestone with HACCP certification and received crucial plant licenses from the Ministry of Health—opening up new export opportunities throughout the Caribbean.
Scaling Up: Revenue, Employment, and Innovation
Since implementing the grant, Stingrae has:
- Expanded into new markets and is now exporting to four Caribbean islands: Antigua, Barbados, Grenada, and Saint Lucia
- Hired 15 new team members, with approximately 90 percent being women and 86 percent being youth
- Achieved a remarkable 80-90 percent increase in sales
- Launched innovative value-added products, including snapper burgers and seafood lasagna, diversifying their portfolio.
Lessons Learned: The Power and Challenges of Grant Funding
While the Stingrae team acknowledges that they may have completed the project without the grant, they highlight that DSGP funding significantly accelerated their progress. By utilizing external resources, they could hire specialists, fast-track implementation, and redirect resources for additional initiatives.
The grant process also highlighted the necessity of robust record-keeping. Although the reporting requirements were extensive, maintaining organized and accurate records simplified the process. Like many small and medium-sized enterprises (SMEs), the company initially found the administrative burden daunting but quickly recognized that effective record-keeping facilitated compliance and prepared them for future opportunities. Ultimately, paperwork is part of the process, but having the right systems in place can streamline grant applications and funding acquisition.
A Blueprint for Success
Stingrae’s experience illustrates how strategic grant utilization can drive substantial business transformation. Their focus on digitalization, expert guidance, and operational enhancements has positioned them as a formidable competitor in the Caribbean seafood export market.
Despite the challenges of grant administration, their journey conveys an important lesson: businesses that effectively leverage external support can scale, innovate, and thrive in unexpected ways. For SMEs contemplating a similar path, the message is clear—opportunities are available, but navigating them efficiently is crucial for maximizing impact.
