The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) is offering a new loan guarantee product called ‘MSME Growth’ to help micro-entrepreneurs in the Eastern Caribbean Currency Union grow their small businesses.
While Montserrat is a member of the currency union, businesses here are not currently eligible for this product.
The MSME Growth Guarantee is designed specifically for entrepreneurs who may not qualify for loans under the main ECPCGC programme. It facilitates ease of access to finance for loans of up to EC$50,000.00. Borrowers do not need to provide collateral or equity, and they receive an extra EC$1,500.00 allowance to handle bookkeeping services.
Speaking on this week’s episode of ECCB Connects, Chief Executive Officer of the ECPCGC, Carmen Gomez-Trigg, said small businesses operating for more than one year and with less than 50 employees qualify to apply for the loan. Gomez-Trigg added that many small businesses are struggling and sometimes they end up going to ‘payday lenders’ for short term or high interest loans which keep them struggling. “It is painful to see our entrepreneurs who are growing our economies face these huge interest rates,” Gomez-Trigg said.
Small business operators are advised to contact the ECPCGC for more information on how they can access the funds. The ECPCGC works with financial institutions in six of the eight ECCB member countries: Antigua and Barbuda, Grenada, Commonwealth of Dominica,
Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
