FundAccess has approved over $71 million in loans to 1,697 clients, since its inception in 1998.
This disclosure came from General Manager of FundAccess, Esther Lord-Graham, who described the organisation as the “forerunner” in providing financial and technical assistance to new and existing businesses in the SME sector.
“Indeed, from inception in January 1998 to April 30, 2022, FundAccess has approved loans totalling 71.8 million dollars to 1,697 clients, some of them repeating the process up to three times, and in the process created 2,554 job opportunities.
“Additionally, FundAccess has disbursed 5.5 million dollars to 4,729 entrepreneurs and their employees as part of Government’s COVID [-19] relief initiatives, and through our Business Development Department has disbursed approximately 350K in grant funding to our clients, to aid them in reopening their businesses after the COVID-19 lock down,” Mrs. Lord-Graham said.
The General Manager explained that the grant funds were used for the purchase of stock, payment of rent and utility arrears and personal protective equipment. This effort, she pointed out, ensured that FundAccess’ business closures and the adverse effects of COVID-19 on clients were minimised.
“Additionally, 24 clients have completed their loan payments through a compromised settlement arrangement meant to relieve them of the debt burden, and only this week some more clients were selected for this arrangement, and some have already received and accepted the offer,” she disclosed.
Mrs. Lord-Graham made the comments on Tuesday, as she spoke at a press event, where it was announced that the Energy Smart Fund has been re-capitalised to the tune of US$13 million from the Sustainable Energy Investment Programme (Smart Fund II).
The Energy Smart Fund is being implemented in partnership with the Enterprise Growth Fund Limited and the Barbados Agency for Micro-Enterprise Development Ltd. (FundAccess).
To begin the application process for Smart Fund II, businesses may fill out the contact form on the website http://www.smartenergybarbados.com/energy-division/financing/.