FundAccess distributes $61,345,728 in loans to date

In the 20 years that FundAcess has been in operation, the lending agency for micro, small and medium enterprises (MSMEs), $61,345,728 in loans has been distributed to around 1,530 businesses/clients lead-ing to 2,323 employment opportunities being created for Barbadians.

This was revealed by the Chairman of FundAccess, David Simpson who delivered remarks at their 20th Anniversary Awards and Christmas Dinner at the Accra Beach Hotel and Spa on Saturday night.

“In 20 years FundAccess has disbursed $61,345,728 in loans to 1,530 businesses/clients, representing 1,924 loans (new and refinanced), resulting in 2,323 job created. (I am no economist, but I am sure they will confirm the significance of adding 100+ jobs annually on the back of micro business only) Let me share some more summary statistics…as the story must be told.”

He stated that included within this figure is every sector or service and in an effort to ensure that no one was left behind, they developed a variety of initiatives that would facilitate everyone. These include Business Boost, Facilitator and Innovator among others, where interested parties can receive as much as $150,000 per loan.

“There is not an industry or service that this agency has not financed. The Board and management in recent years to ensure none were left behind created a range of packages – Business Boost, Facilitator, Inno-vator, Pro, Transport and others. – up to a maximum of $150,000 per loan.”

As for the current year up to November 30th, the Chairman said that this organization has paid out $5,418,153 in loans, with only two other years – in 2011 and 2012 – in its two decade history where they disbursed more than five million. “I am privileged to stand before you tonight as we culminate our 20th anniversary celebrations and report to you that in 2018 as at November 30th, FundAccess has disbursed $5,418,153 in loans for the calendar year surpassing only two other occasions in our history that in excess of 5M was disbursed in 2011 and 2012. I am confident that 2019 will see us surpassing the $6M mark.”

Furthermore, when persons do not meet the requirements for a loan, FundAccess provides a comprehensive guideline as to how they can meet the requirements so that the next time they apply, they would be successful.

“This is the only lending agency that even when you are declined, will provide step by step guidance that you need to undertake to be successful when you re-apply. When we decline a loan, it is often the 4th or 5th option after all efforts have been expended to provide approval.”