The St. Vincent and the Grenadines Police Cooperative Credit Union (SVGPCCU) has launched a micro loan program, a move that is expected to benefit numerous Micro, Small and Medium Enterprises here in SVG.
Successful applicants will have access to $10,000 to bolster their existing business as well as access to training, provided by the Center for Enterprise Development (CED).
Manager of the SVGPCCU Mrs. Ayana Samuel noted that applicants will have to become members of the credit union as well as complete a week of training before the funds are disbursed.
“Applicants will undergo one week’s training in different aspects of business management and this training is used to improve their business skills and the training will be done as part of the requirements before the funds are disbursed. So all of this will take place before the funds finally disbursed to the applicant, who will be our member at the time,” she said.
Mrs. Samuel said this initiative is expected to assist the nation and further develop the economy of St. Vincent and the Grenadines.
Acting General Manager of the CED Mrs. Afia Clarke while highlighting issue of small business owners’ access to funding commended the SVGPCCU recognizing the importance of this access to financing and launching the micro loan program.
“Now one of the perennial complaints of our small business owners is the difficulties they encounter in accessing financing, and so we want to comment the St. Vincent and the Grenadines Police Cooperative Credit Union for recognizing the importance of inclusive financing and for launching this micro loan program.”
Mrs. Clarke applauded the timeliness of the launch of the program, coming on the heels of several crises.
“This initiative is indeed a very timely one, especially given the fact that over the last few years our businesses have faced several global and national crises. Of course the COVID-19, as my colleague alluded to, the explosive volcanic eruptions and the spill off of the Russia-Ukraine war, which has only helped to fuel inflation,” She said.
Applications for the SVGPCCU’s Micro Loan program open up on Wednesday August 2nd, with the deadline for applications being Friday September 1st 2023.
