CIBC FCIB gives support to Cherry Tree Trust

CIBC FirstCaribbean International Bank, on Friday, at Warrens Great House presented the final tranche of their five-year commitment to The Cherry Tree Trust.

CIBC First Caribbean International Bank showed their support of small businesses and micro businesses during the informal ceremony. Mark St. Hill, Managing Director of Retail & Business Banking presented the final tranche of BDS$30 000, the last of BDS$150 000 over the five years to the Executives of the Trust. Present were many of the entrepreneurs who have benefitted from the funds.

“I must say it has been a pleasure. When we first got involved, we never could have imagined how special this partnership was going to be. When I say special, it is when one knows their limitations and being able to find someone to address those limitations. All banks kind of struggle with what we call micro lending and this was a wonderful way for us, from a distance, to help that segment,” St. Hill said.

St. Hill thanked the Cherry Tree Trust for the opportunity to help the beneficiaries and said that behind all the fancy terms and policies, the initiative was all about coming to the aid of others in need.

The Cherry Tree Trust contributes to job creation by giving micro businesses the opportunity to create jobs, to thrive and thereby contribute to the ongoing socio-economic development of Barbados. To date, over 20 people have benefitted from these funds and mentorship. Peter Hall, Director of Cherry Tree Trust, also spoke at the event and expressed thanks to CIBC FirstCaribbean for their contributions. He said that he hoped the bank would continue the relationship with the trust.

Hall announced that it was the vision of the trust to eventually become self-sustainable in the near future.

“Strategically, the trust is also moving to be self-sustaining, so we are currently in a situation where the interest that we are collecting is affording us a pool of funds that we can constantly lend others in the future,” he said.

Owner of MI Consulting 246 Mark Ifill, a beneficiary of the Cherry Tree Trust, explained that he was happy to have the support of the trust and that it was a great facility especially for those entrepreneurs who needed startup working capital. Getting the working capital was just the beginning and Ifill highlighted the mentorship programme which Cherry Tree Trust provides. That programme gives guidance to the the small business owners, and also personal, one-on-one support.