SVG Police Cooperative Credit Union Micro Loan Programme Launched
Micro, Small and Medium Enterprises (MSMEs) in St. Vincent and the Grenadines now have a new source of financial assistance from a local institution.
The St. Vincent and the Grenadines Police Cooperative Credit Union (SVGPCCU) today announced its Micro Loan Programme at a press conference.
MSMEs seeking much-needed financing can now consider the SVGPCCU micro loan programme that is designed to help boost businesses following the fallout from the impacts of the COVID-19 pandemic and the 2021 volcanic eruptions.
Manager at the SVGPCCU, Mrs. Ayanna Samuel, said they recognize the need for funding MSMEs.
“As a financial institution, we also know the difficulties experienced by business owners/entrepreneurs to finance their business operations or seek additional funding. This programme is introduced at a time when we think it is most needed in our country.”
The application process will be open from Wednesday, 2 August to Friday 1 September in the first instance and Mrs. Samuel assured that it will be well executed with MSMEs in mind.
“This programme will be closely monitored by the credit union. The credit union will perform various onsite visits to these businesses to confirm that the funds are utilized properly and to provide guidance and assistance where needed,” she explained. “The objective is to ensure that these businesses are thriving and therefore engagement is important.”
The SVGPCCU is collaborating with the Centre for Enterprise Development Inc. (CED) to bring the micro loan programme, which allows start-ups and exiting businesses to borrow up to XCD$10,000. The loans may be used to supplement working capital, or to purchase furniture, machinery, and equipment for the businesses, and cannot be used to pay off other debt or to purchase real estate.
CED’s Acting General Manager, Mrs. Affia Clarke, said the launch of the micro loan programme is evidence of CED’s commitment to supporting the development of MSMEs and the private sector in St. Vincent and the Grenadines. She said CED looks forward to a fruitful partnership with the SVGPCCU as part of the efforts to foster an enabling ecosystem that encourages entrepreneurship.
She said CED hopes that this micro loan programme will serve as a model for other financial institutions to establish similar initiatives with a focus on small businesses.
“I also want to encourage owners of micro and small enterprises to take their business seriously. Get your business registered with the Commerce and Intellectual Property Office. Take advantage of the SVGPCCU Micro Loan Programme and other opportunities to invest in your business.”
She further urged entrepreneurs to take advantage of the various free trainings offered by CED such as financial literacy and digital transformation.
“One of the perennial complaints of our small business owners is the difficulties they face in accessing financing and so we want to commend the SVGPCCU for recognizing the importance of inclusive financing and launching this micro loan programme. The initiative is a very timely one, as small businesses are in recovery mode after experiencing several global and national crises over the last few years, including the Covid-19 pandemic, explosive volcanic eruptions and the spill-off from the Russia/Ukraine war, which has only helped to fuel inflation.”
MSME owners applying will be required to submit a business plan and application form along with supporting documents to the CED. Successful applicants will be required to undergo a one-week training workshop with the CED before they can access the funding.
The application process is similar to other business loans. Application forms can be downloaded at: (insert link) or can be collected at the SVGPCCU office or CED.
