| Residents of Linden and other communities across Region Ten are being encouraged to invest in cottage industries. The source of funding—$100 million – is a new loan scheme investment by the Caricom General Insurance Company Inc. (CGIC).This exhortation was made at the recent launching of the new fund by CGIC at its Linden Office on Republic Avenue, where business entrepreneurs and prospective business owners were challenged to invest in cottage industries.Fund Manager, Leonard Forde,NFL Jerseys China Cheap, said that he is optimistic that much needed economic development of Linden can be achieved through such ventures. He alluded to the prospects which exist in areas such as fish farming and the establishment of a cement bond.It was noted that there are several business persons in the agriculture field who have large expanses of land but could only utilise small portions because of the lack of proper financing.“We would not shy away from the idea of establishing a market centre where we could play a major role in ensuring that there are ready markets for those farmers who take advantage of the loans to expand their business in the agriculture sector.” Forde said.According to Forde, the LEAF component of CGIC has had its fair share of challenges with clients repaying their loans.Especially challenging were those entrepreneurs who secured loans for business expansion, and startup in the medium loans category. “Some of them actually failed because of over pricing in their estimates and it led to their businesses being incapable of sustaining their installments.There is also evidence of persons who took loans and never repaid a single installment.” Forde further pointed out that there were also some people who did not even use the loan for the purpose it was proposed.Forde added that the successes achieved by LEAF were primarily among clients who secured loans under the small and micro options. “It was those persons who took loans in the Micro category that were the biggest disappointment…. Those were the persons who took amounts between $5 million and $15 million.”It was further pointed out that despite the challenges experienced with the LEAF medium borrowers, CGIC has designed the new fund in such a way as not to cause any enmity or animosity but to work with existing and prospective clients in the interest of developing Linden.“We are opening our arms to those who come and to see how we can help them reconcile with their businesses.” Forde said. He added that CGIC will be looking at ways of waiving interests once it does not affect the fund,Wholesale China Jerseys Free Shpping, with the sole intention of putting those businesses back on stream.Careful considerations have been given to the fact that there exists great potential for a trade base between Brazil,Cheap Jerseys, Linden and the rest of Guyana. CGIC is thus eyeing a storage bond which has the potential to have business entrepreneurs from the rest of Guyana source a number of products which come from Brazil into Linden, while the Brazilians can get products from the rest of Guyana from the bond in Linden.“Not every time a businessman is willing to travel to Georgetown to get certain things,Cheap NFL Jerseys China, or a businessman from Skeldon having to travel all the way to Brazil to get supplies. Commuting can be significantly reduced if we can have them available here in Linden, and at a manageable price.” Forde noted.The fund is expected to commence with an injection of $100 million and Lindeners are encouraged to visit the CARICOM insurance office in order to access the service now being offered.Forde exhorted Lindeners to take advantage of the opportunity to establish or expand their businesses.While the fund is currently preparing to commence its loan scheme at the small and micro level,Nolan Arenado Rockies Jersey, which caters for lending up to $500,000 once successful, there is every possibility of advancing to the level of Medium and Large loans.Should this materialise, CGIC posited that they would be partnering with borrowers in monitoring the businesses. Forde pointed out that this would alleviate the problem of locating clients when in default.The new loan scheme called ‘CARICOM Insurance Micro Linden’ is expected to fill the void left by the Linden Economic Advancement Fund (LEAF), which was also managed by Caricom Insurance.The previous establishment is currently only engaged in recouping loans from borrowers, it was reported.LEAF had issued 799 loans totaling $732 million while operating in Region Ten. The initial source of funding was an investment of $425 million.Director of CARICOM Insurance, Anthony Soares told the gathering that the company is not worried about borrowers repaying, since it is confident in the people of linden.Soares further stated that with linden now being the gate way to Brazil, the company is grateful for the opportunity to assist in establishing businesses that will satisfy commuters as well as visitors to Linden.The maximum amount for the micro loan is G$500,Jimmie Foxx Red Sox Jersey,000.Application forms can be uplifted from the Guyflag offices and applicants can also obtain any pertinent information related to the loan disbursements.A committee will be put in place to review and approve loans. Caricom Insurance will be moving to establish similar funds countrywide, and as such will be monitoring the Linden ‘experience’ carefully.(Enid Joaquin) |
