HEART/NSTA trade graduates to receive TOOL grants
COMMENCING APRIL 1, successful graduates of level 4 trade programmes at the HEART/ NSTA Trust will receive a grant of $50,000 to help them acquire the tools of their trade.
Graduates who are beneficiaries of the Programme of Advancement Through Health and Education and wards of the State will receive a larger grant of $75,000.
The disclosure was made by Prime Minister Andrew Holness in his contribution to the 202425 Budget Debate in the House of Representatives on March 21.
“This administration believes in economic independence and selfempowerment. Not every young person will be an employee. We need more self-employed youth and young entrepreneurs. Having removed tuition fees for all HEART programmes up to level 4, this year we are building on that,” Holness said.
The prime minister also informed that in the upcoming fiscal year 2024-25, the HEART/ NSTA Trust will open a special grant facility of up to $100,000 for HEART-certified trainees who have registered a trade or business that has been operating for more than one year.
“The beneficiaries will also be assisted in refining their business plans, executing marketing activities, further capacitybuilding, and other forms of technical support,” Holness said.
Meanwhile, he shared that the Development Bank of Jamaica (DBJ) has introduced the Tradesperson Ownership Opportunity Loan ( TOOL) Programme, which will be launched in June 2024.
Under the initiative, loans will be offered to small contractors through DBJ partner institutions at an interest rate of nine per cent, for up to 24 months, and will provide up to $500,000 per applicant to assist with acquiring or upgrading the tools for their trade.
“These grants and technical assistance are a deliberate effort to provide our trainees and small businesses with meaningful support to increase their productivity and grow their businesses,” Holness said.