The Board of Directors of the Grenada Ports Authority in its effort to help stimulate economic activity in these difficult economic times has agreed to provide a total of EC$500,000.00 as a loan to two local Credit Unions for on-lending to Micro and Small Businesses in Grenada to stimulate growth, generate income and create much needed job opportunities.
The Grenada Ports Authority aims to:
- Stimulate economic activities in the micro and small business sectors;
- Provide small loans to these businesses at competitive rates of interest;
- Encourage the implementation of creative and innovative business ideas that will create jobs, generate income for the unemployed and under-employed so as to help in the alleviation of poverty; and
- Support and strengthen one or more financial and/or lending institution that fosters the development of an entrepreneurship culture in Grenada.
In this regard, the Authority has evaluated the literature to determine what are the best practices in the region and has evaluated the local financial/lending institutions and determined that the loan amount should be divided proportionally between the Grenada Communal Cooperative Credit Union Ltd (EC$300,000.00) and the Grenada Public Service Co-operative Credit Union Ltd. (EC$200,000.00). It was determined that these institutions were best suited to work with the Authority to achieve the goals outlined above.
At the launch the media was briefed on the Micro and Small Business Lending Support Programme and witnessed the signing of the loan agreements between the Grenada Ports Authority and both the Communal Cooperative Credit Union and the Public Service Credit Union.
Source: Grenada Ports Authority