Services

The business of BELfund is to foster the development of micro enterprises in Saint Lucia. It is anticipated that this objective can best be achieved by providing credit, enterprise training and technical assistance to Saint Lucians who have traditionally lacked access to such services:

Enterprise Training

In order to access credit, every client must participate in four to five (4 - 5) days of the micro enterprise training programme. This aspect of the programme is deemed to be critical, to the extent that no funds will be disbursed on account until the client successfully completes the training.

The core topics covered in training are; Cash Management, Record Keeping, Costing & Pricing, Marketing, Honouring Commitment, Motivation for Success and Goal Setting. The training style is participatory and sensitive to the educational limitations of participants.

BUSINESS SUPPORT

Business Support is essentially a programme designed to provide hand-holding support to loan beneficiaries. This support is crucial to the beneficiaries during the period of the loan. Business Support provides support generally to ensure the success of the project, and includes further on-the-spot training, monitoring of the progress of the business and the provision of advice aimed at improving the chances of success of the business.

ACCOUNTING SERVICE

BELfund provides an Accounting Service to its clients, specifically designed for micro entrepreneurs. A computerized accounting programme will be utilized to deliver monthly financial reports to clients.

LENDING CRITERIA

BELfund will offer credit for the following categories of business

Service & Trade
Retail & Distribution
Manufacturing
Tourism
Animal Husbandry
Agri Business and Agro Processing

Funding from BELfund can be used to finance fixed assets and working capital for new and expanding businesses.

Loans can range from $500 - $30,000. However, the BELfund reserves the right to refuse the maximum loan in the first instance.

Interest Rate: 10.5% per annum

Security Requirements: Bills of Sale and 3 Guarantors

Repayment periods are determined on an individual basis, but usually range from 1 � 6 years (some flexibility exists).

Applicant must have a commercially viable project
Applicant must be 18 years and over
The business must be the primary source of income and employment for the applicant
Applicant must be willing to supply BELfund with information relative to the project for the duration of the period of the loan
Applicant must demonstrate a willingness to be trained in enterprise development and receive Business Support and Technical Assistance from BELfund
Applicant should make a tangible investment in the project either in cash or in kind
The business should create job opportunities

Development Training Programmes:

In order to access the credit facility, every participant must participate in a thirty (30) hour Personal Development Programme (PDP) and a ninety (90) hour Small Business Management training programme. The Personal Development Programme is designed to greatly enhance participants interpersonal skills, while the Small Business Management Training programme is designed to develop their entrepreneurial skills. These aspects of the overall programme are deemed to be critical, to the extent that no funds will be disbursed on account until the participant successfully completes the training.

Topics covered in the Personal Development Programme are as follows;

Exploring and locating Self, Self and Socialization Process, The families we come from and the families we create, Values, Beliefs, Life Experiences and Expectations, Human Growth & Development, Visioning and Goal Setting, Communicating with others, Leadership and Empowerment, Family Life Enrichment, Stress Management.

The topics covered in the Small Business Management Training are as follows;

Entrepreneurship and Income Generating activity, Business Identification, Market Survey, Managing Money and Savings, Legal Requirements for the Establishment of a Business, Market Survey Report, Feasibility Study, Establishing and Managing a Business, Business Plan, Costing, Marketing and Selling Techniques, Accounting and Record Keeping, Managing People and Customer Relations.

Business Support/Technical Assistance:

Business Support is essentially a programme designed to provide the necessary support services and technical assistance to loan beneficiaries. This support is crucial to the beneficiary and commences almost immediately after funds are disbursed to participants. Business Support/Technical Assistance provides support generally to ensure the success of the project, which includes further training as deemed necessary.

Accounting Service:

BELfund will provide an Accounting Service to YEDF participants, specifically designed for micro entrepreneurs. A computerized accounting programme will be utilized to deliver monthly financial reports to clients.

Categories of Business Funded:

Participants of the YEDF will receive funding for the following categories of business:

Service & Trade
Retail & Distribution
Manufacturing & Industry
Tourism
Animal Husbandry
Agribusiness and Agro Processing

Funding can be used to finance fixed assets and working capital for new or expanding businesses.

Loan Size: Loans can range from $500.00 to the maximum of $30,000.00

Administration Fee: 3% of loan requested

Interest Rate:10.5% per annum

Security Requirements: Bills of Sale and 1 Guarantor

Repayment Periods:

Repayment periods are determined on an individual basis, but usually range from 1 to 6 years. (Some flexibility exists).

Eligibility Criteria:

Participant must have a commercially viable project

The business must be the primary source of income and employment for the participant

Participant must be willing to supply BELfund with information relative to the project for the duration of the period of the loan

Participant must demonstrate a willingness to be trained in enterprise development and receive technical assistance and business support from BELfund

The business should create job opportunities