KINGSTOWN, St. Vincent, July 25th, 2023 – The St. Vincent and the Grenadines Police Cooperative Credit Union (SVGPCCU) today announced the launch of its Micro Loan Program.
The Program aims to provide a new source of financial assistance to Micro, Small and Medium Enterprises (MSMEs) in St. Vincent and the Grenadines.
The SVGPCCU Microloan program is designed to help improve businesses following the fallout from the impact of the COVID-19 pandemic and the volcanic eruptions of 2021.
The SVGPCCU is collaborating with the Centre for Enterprise Development Inc. (CED) to bring the microloan program which allows start-ups and MSMEs seeking much-needed financing to borrow up to EC$10,000.
The SVGPCCU stipulates that loans are to be used to supplement working capital, or to purchase furniture, machinery, and equipment for the businesses.
MSME owners applying will be required to submit a business plan and application form along with the relative supporting documents to the CED. Successful applicants will be required to undergo a one-week training workshop with the CED as a pre-requisite to access the funding.
The application process is similar to the application for other business loans. Application forms can be collected at the SVGPCCU’s office or at CED.
