$100M Revolving Fund now available to small businesses

first_imgAccess to financing for small businesses will now be less restrictive with the implementation of the new $100 million Revolving Fund project.Business Minister Dominic Gaskin said the project would be executed by the Ministry’s semi-autonomous agency, the Small Business Bureau (SBB).The initiative will help to finance micro and small businesses whose goods and services are sustainable and environmentally friendly.Business Minister Dominic GaskinThe SBB currently invests in low carbon sectors to support the Government’s strategy to reduce carbon emissions, through loans, grants, and guaranteed collateral.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”.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 $100 million 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 who are desirous of establishing individual business ventures.In 2017, the SBB dispersed some 50 approved loans valued at $270 million to finance small businesses in the low-carbon sector across the country.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *