Financing Coming on Stream to Aid Struggling Businesses
Narda Garcia
Some Belizean businesses will be receiving funding through BELTRAIDE and DFC to expand their operations. With five hundred thousand dollars US in financing from the Caribbean Development Fund, thirty-five businesses ranging from micro to medium-sized will receive assistance. An export component is also included to assist businesses with export-ready products. At a Memorandum of Understanding signing ceremony today between the Development Finance Corporation and BELTRAIDE, organizers said candidates will be selected from across the nation.
Narda Garcia, Chairperson, BELTRAIDE
“This opportunity comes at an ideal time to many of our MSMEs that have been hit hard by the pandemic, and which continue to have a negative impact on the sector for almost two years in. The funding particularly targets the disadvantaged and vulnerable groups in our community, such as women, youth and our indigenous people. It will also provide funding opportunities for maturing enterprises, especially those that have been slowed as a result of the pandemic.”
Leroy Almendarez
Dr. Leroy Almendarez, Executive Director, BELTRAIDE
“Including in all of this will be training, because too often some enterprises don’t see themselves as a business. And so, there is a need to do training in financial management, how to mobilize resources, how understand whether you are profitable or not. Because, these are things where we make a dollar today and we spend the dollar and expect to spend that same dollar a next time. So, this provides that kind of support. The expectation here is that we will be meeting those demographics that don’t have access to the internet or television, or might not watch television or listen to radio. We need to meet them where they are. The expectation is once we meet them, this will spread out across country.”
Natalie Goff
Natalie Goff, General Manager, DFC
“I walked into a business yesterday, I won’t call the name, I could see that the business owner was overwhelmed, because a year ago the business was going so well. And, it’s like she has been kicked to the ground. We need to ensure that businesses like this survive. Eighteen months into a pandemic and she is still trying to survive. It is for that reason that we are here today, to try and help the micro, small and medium size business to survive. And I appeal to those who apply, to work with the process. It is not an easy process. You don’t get access to financing overnight. We are taking a risk when we are providing financing, especially to new enterprises. And, in a time like this when we are providing finances, we as financial institutions are taking a risk.
