Police Credit Union and CED launch Micro-loan programme

The St. Vincent and the Grenadines Police Cooperative Credit Union (SVGPCCU), has launched a Micro Loan Programme that aims to provide a new source of financial assistance to Micro, Small and Medium Enterprises (MSMEs) in St. Vincent and the Grenadines (SVG).

The programme is designed to help improve businesses following the fallout from the impact of the COVID-19 pandemic and the volcanic eruptions of 2021.

The credit union is collaborating with the Centre for Enterprise Development Inc. (CED), on the Micro-loan programme which allows start-ups and MSMEs seeking much needed financing to borrow up to $EC10,000.

The Police credit union 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 that which obtains when applying for other business loans, and application forms can be collected at the SVGPCCU’s office or at the offices of the CED. (API)