CASTRIES, St. Lucia – Entrepreneurs in the Organization of Eastern Caribbean States (OECS) are being urged to take advantage of a loan program being implemented Eastern Caribbean Green Entrepreneurship Initiative’s Accelerator Program.
The Eastern Caribbean Green Entrepreneurship Initiative aims to foster the development of green entrepreneurs and businesses in the Eastern Caribbean. (photo via OECS)The goal of the accelerator program is to contribute to the growth of green business resulting in the creation of green jobs and improved livelihoods for people of the sub-region.
A statement from the St. Lucia-based OECS Commission said that the interest-free loan will be a feature of the program and is intended to facilitate the development, establishment, and growth of innovative green enterprises in Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
The program targets high-potential enterprises in the growth stage, offering investor matching services and funding through the Global Green Growth Institute’s (GGGI) Green Innovation Fund. The interest-free loan program offers investments of up to US$50,000 to cover operation and/or capital expenses of selected beneficiary enterprises,” the statement said.
The program is being implemented by the Global Green Growth Institute in partnership with the OECS Commission with funding from the Qatar Fund for Development.
The statement said to be eligible, green entrepreneurs must have business models aimed at solutions addressing environmental or sustainable development goals and should meet several criteria including at least three years of operations, minimum average annual turnover of EC120 ,000 (One EC dollar=US$0,.37 cents) during the last 2 fiscal year and at least 25 per cent revenue growth during the last three fiscal years.
In addition, the entrepreneur must demonstrate sufficient financial resources, comprising working capital supplemented by credit lines statements or overdraft facilities and make contribution to resilient low carbon development as well as increased resilience to climate change.
“This is the first in several planned calls for proposals for interest-free loans,” the OECS Commission said, adding that it is anticipated that additional calls will be launched in this year and in 2023.
“In addition, the Greenpreneurs Accelerator program will also be hosting workshops and a program to facilitate links between investors and growing green enterprises later this year,” the Commission added.
