BASSETERRE, St. Kitts – SMALL business owners received a boost yesterday (Aug. 27) as a Taiwan International Cooperation for Development Foundation (ICDF) loan of US$ 400 000 to the Foundation for National Development (FND) was secured to assist in the development of microenterprises.
This year’s micro-credit loan agreement comes as the second phase of a project that began in 2001 when the FND negotiated a loan of US $200 000 to assist small businesses.
Over the last eight years, small business owners have been able to access the finances for a jumpstart in their businesses or to improve their existing enterprises.
The performance of the FND during that time has been highly regarded by the Taiwanese appraisal mission, and has resulted in the ICDF committing an even greater amount to the Foundation – the highest ICDF loan allocation in the Caribbean for 2009.
According to FND Executive Director James Webbe, his institution has performed “quite well” as the executing agency. He added that the FND plays a “key role” in the private sector, particularly in the small and micro-business sector.
Although this may be the final loan of this nature before the FND makes its transition into a cooperative credit union, current Chairman Auckland Hector has declared that the loan will go “a long way in helping the small and micro business sector”.
He informed that one of the main objectives of the first phase of the project was to strengthen small enterprises in the Federation in key areas of economic activity through improved access to financial facilities. Other objectives include employment creation and income generation in the rural and urban areas, as well as the achievement of financial stability for local businesses.
“I am happy to report that the FND has met all the objectives,” Hector stated. “As in the first phase, two economic analysts from ICDF visited the FND in December last year to evaluate the ongoing micro-project and proposal from the FND for the second phase that was presented to Ambassador Wu in September.
“The mission from ICDF and the subsequent approval of this loan by ICDF was as a direct result of the support of Ambassador Wu for this project,” he continued, thanking the Embassy for its commitment to the development of small businesses.
In a very brief address at the ceremony, Resident Ambassador of the Republic of China on Taiwan, His Excellency Rong-Chuan Wu, stressed the importance for developing small businesses that play a critical role in the overall development of the country.
Wu said that the Embassy would continue to cooperate with the government to ensure the smooth transition from an agricultural economy based solely on sugar.
Providing loans to potential farmers and investing in student farmers are just a few ways that the Taiwanese Mission can assist the government in this regard, Wu said.
The loan agreement was signed by Ambassador Wu on behalf of the Taiwan ICDF and Hector signed as the representative for the FND.
