BOSL to back small & medium sized businesses
Written by Radio Caribbean International on September 17, 2020
BOSL partners to back small & medium sized businesses in Saint Lucia
Bank of Saint Lucia has partnered with the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) to assist owners of Micro, Small and Medium Sized Enterprises (MSME’s) to access loans. The Bank is one of the first two financial institutions within the Caribbean region to come on board with the ECPCGC in 2020.
According to the Chief Executive Officer of the ECPCGC, Carmen Gomez-Trigg, this programme will guarantee 75% of loans up to a maximum loan amount of EC $300,000.00 to qualifying customers. She went on to say that “Bank of Saint Lucia has taken a leap of faith and has been a pioneer in the programme. They were the first bank in the currency union to become a participating lender in this scheme.”
This partnership is one of many efforts Bank of Saint Lucia has made over the past few months to assuage the impacts of COVID-19 to the economy. Acting Managing Director of Bank of Saint Lucia, Mr. Medford Francis notes that “Coming out of the COVID-19 scenario, where businesses were constrained in terms of their revenues, we found it critically important to provide some form of stimulus to them in terms of the continuity of their operations.” Mr. Francis also went on to explain some of the important eligibility requirements for the program. He pointed out that Micro, Small and Medium Sized businesses should generate no more than EC $2 million annually or employ more than 50 people. Additionally, the companies must be incorporated and in business for 2-3 years.
To access the facility, interested business owners must first undergo an assessment at the Bank via the loan application process. Customers are encouraged to contact their nearest Bank of Saint Lucia branch for an appointment. As the largest indigenous bank in Saint Lucia, BOSL through the partnership with ECPCGC is pleased to improve its support towards the growth and expansion of MSME’s across the island.