FND: Over 5 MIL disbursed to locals
By Joyette Mills-Ward
Business Reporter, SKNVibes.com
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Auckland Hector re-elected Chairman of the Board of Directors for a 2nd term, giving the Performance Review for 2007 for FND
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BASSETERRE; St. Kitts – CHAIRMAN of the Foundation for National Development (FND) Auckland Hector recently revealed that during the year 2007, the financial institution disbursed 306 business loans and 214 personal loans valued at EC$5.7 million.
Hector made the announcement at FND’s 23rd Annual General Meeting held Wednesday May, 28th at the institution’s headquarters at Bladen Commercial Development, Basseterre.
Hector also announced that he had been elected by the Board of Trustees to serve a second term as Chairman. Giving a brief overview on the performance of FND for the year 2007, he highlighted some of the record breaking achievements that the institution had achieved.
“It was the first time that the FND has disbursed more than 500 loans in one year. Last year’s disbursement of 520 loans, surpassed the 423 high of 2004, and was the largest number of loans disbursed in any one year prior to 2004. It was also the first time that the FND disbursed more than 5 million EC dollars in one year,” he informed.
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Kurt Swanston Manager/Owner of Zion Train Trucking with Ms Idona Browne FND Nevis Branch Manager
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He further posited that “the business loans disbursal target for 2007 was set at 280 loans valued at EC$4.5 million. During the year 2007 the FND disbursed 306 loans valued at EC$5.7 million. Of the EC$5.7 million dollars that was disbursed, EC$4.1 million or 70.1% went to men, EC$1.6million or 27.8% went to women, and EC$73,100 or 1.3% went to groups. Another milestone which was achieved last year, the FND recorded a surplus of over EC$500,000 for the first time”.
Hector attributed the FND’s sterling performance to its access to much needed funds through a loan from the Social Security Board and at the same time, on behalf of FND expressed gratitude to the Director of Social Security Sephlin Lawrence who was present at the ceremony.
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Sylvia Manning Longest Serving Female FND Trustee presenting award to KVK’s Manager/Owner Khrystus Wallace as Client of the Year 2007 for FND St Kitts Branch
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Franklin Brand the immediate Past President of the Chamber of Industry and Commerce was the Guest Speaker and took the opportunity to make suggestions to the Trustees as to how they could raise funds to service the loan demands. Brand also outlined 5 commonalities of 13 countries that had been successful in maintaining a GDP growth of 7% since the end of World War II including “maintaining macroeconomic stability” and “having committed, credible and capable governments”.
Khrystus Wallace owner of KVK Enterprises in St Kitts and Kurt Swanston owner of Zion Train Trucking in Nevis were the recipients of Commemorative Plaques naming them the FND Client of the Year 2007 for their respective countries. ~~Adz:Right~~
