$1/2B revolving fund to be launched next Friday

May 28, 2010 News

– Micro-credit scheme caters for single-parents

Government’s micro-credit revolving fund scheme aimed at assisting single-parents is to be launched next Friday. Cabinet Secretary Dr. Roger Luncheon announced yesterday that the administration is currently organising an activity worthy of the dimensions of the scheme.
He explained that single-parents who are the intended beneficiaries are the major components. Specific attention will be given to persons who have successfully completed the training programmes offered by Government.
“The idea is to essentially have seed money to be provided to these would-be entrepreneurs to get them to either acquire tools for business for which they have trained, or to get start up ingredients for their business,” Dr. Luncheon stated.
He added that in the context of the entrepreneurial skills training that continues to be offered, and with the dedication to mentoring of the would-be beneficiaries, the expectations are that the scheme would contribute to transferring the lives of many of the single parents and their families.
The scheme, beginning initially and minimally with $1/2 billion, is not likely to end at the size where it starts.
The Cabinet Secretary explained that responding to the interest shown by financial institutions, primarily banks, intended legislation is currently in Parliament. The Fiscal Enactment Amendment Bill, 2010, is aimed at amending the Income Tax Act.
“This will allow financial institutions to attract certain considerations were they to invest in the micro credit scheme,” said Dr. Luncheon. He added that already, an iron clad commitment has been given by at least one financial institution to put up $500 million.
He stated that should offers of interest by other financial institutions be buttressed by the enactment of the legislation, and were they to be realised, comparable inputs from other banks could bring the fund to two or three billion dollars. But for now, the initial start up is five hundred million.
The micro-credit scheme to benefit eligible single-parents, particularly women, was approved by Cabinet in March of this year.
Under the programme-design, funds allocated by the government as well as those provided by financial institutions would be used to finance micro-credit level loans to be made available to eligible single-parents.

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$1/2B revolving fund to be launched next Friday

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