Press release:– Micro, small and medium-sized enterprises (MSMEs) now have even more opportunities to access secured loans, including start-up financing and access to working capital.
These new offerings are made available through the continued partnership with the Bank of Saint Lucia and the Eastern Caribbean Partial Credit Guarantee Company (ECPCGC).
The partnership was initially launched in 2020, in response to the challenges MSMEs face in light of the continued impact of COVID19.
Access to credit has for many years been a major obstacle for MSMEs, some of whom often struggle to meet loan security requirements.
The classic collateral loan facility benefits eligible MSMEs who have been in business for at least 2 years – up to 80% of the collateral required to access credit up to EC $ 300,000.
In light of the changing circumstances, two new offerings were developed to ensure that more MSMEs could qualify for the secured facility.
The start-up fund is designed for new MSMEs that have been in business for at least three (3) months with a guaranteed percentage of 80% on loans up to EC $ 100,000.00.
The Working Capital Loan Guarantee offers eligible MSMEs the opportunity to benefit from working capital of up to EC $ 200,000.00 to overcome them during the uncertain period until business returns to the bank. normal.
Ms. Arleta Rate-Mitchel, Senior Director of Retail Banking at Bank of Saint Lucia, said: “Bank of Saint Lucia is delighted to be one of two banks to offer these services to our MSMEs. The COVID-19 pandemic has brought about major changes for our small business and we are delighted to be there to help them, whether it’s rebuilding and getting back on their feet or expanding their business operations. ”
Carmen Gomez Trigg, CEO of ECPCGC shared “Au 98e At the ECCB Monetary Council meeting, the ECPCGC Guarantee Program was presented as part of the collective effort to boost MSMEs in the region and ease the pressure on their operations. This program was specifically designed to address the major problem of insufficient collateral faced by MSMEs. All Member States, ECPCGC, ECCB, regional banks and the World Bank join hands and present this program for the benefit of MSMEs by injecting additional funds into the market. We want to work so that you can be successful.