Access to finance for small businesses will now be less restrictive with the implementation of the new $100M Revolving Fund project. According to the Department of Public Information (DPI), Minister of Business, Dominic Gaskin said the project will be executed by the Ministry’s semi-autonomous agency, the Small Business Bureau (SSB).
The initiative will help to finance micro and small businesses whose goods and services are sustainable and environmentally friendly, DPI said.
The SBB currently invests in low carbon sectors to support the government’s strategy to reduce carbon emissions, through the assistance of loans, grants, and guaranteed collaterals.
However, Minister Gaskin pointed out that, “…it is restrictive, and we have found that many small businesses that would have liked to access financing through that programme were not allowed to do so because of the specific terms of reference.”
According to DPI, the Business Minister explained the new initiative, with its open terms of reference policy, will differ from the ongoing access to finance programme, because, “this $100M Revolving Fund has no restrictions, in terms of what type of businesses can access it.”
The revolving fund also aims to provide small loans to persons leaving the sugar industry and are desirous of establishing individual business ventures, DPI said.
In 2017, the SBB dispersed some 50 approved loans valued at $270M to finance low carbon sector small businesses across the country.