The Small Business Bureau’s one hundred million dollars ($100M) Revolving Fun has been approved by the Ministry of Finance. This was disclosed by the agency’s Chief Executive Officer, Dr. Lowell Porter during a recent press briefing at the SBB’s head office, the Department of Public Information (DPI) has reported.
“There have been requests for information on the modalities surrounding the Fund, therefore we are finalising the necessary procedures. Once that is done we will then be able to roll out the funds”, Dr. Porter explained.
According to DPI, the initiative will help to finance micro and small businesses whose goods and services are sustainable and environmentally friendly. The new project which falls under the agency’s access to finance programmes is one which will be less restrictive.
In an earlier interview, Minister of Business Dominic Gaskin had said the revolving fund will have open terms of reference policy, which will set it apart from other ongoing ‘access to finance programmes’ available at the Bureau.
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 collateral.