Access To Grant Loan Funding Now Available To Local Businesses

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Press Release:- The Climate Adaptation Financing Facility (CAFF) Business Recovery Programme was launched Friday November 20th, 2020 as the Government of Saint Lucia continues to roll out incentives from the Economic Recovery and Resilience Plan (ERRP).

Prime Minister Honourable Allen Chastanet earlier this year announced the (ERRP) in a move to stimulate the economy by focusing on six pillars which will support, promote and protect the economy. 

The COVID-19 CAFF Business Recovery Program will provide a blended grant loan facility to support businesses via the Saint Lucia Development Bank with a focus on business continuity and recovery from the COVID-19 Pandemic and to assist with climate resilience improvement. 

“We recognise that Saint Lucia as an island nation is vulnerable to climate change and disasters and we have seen the impact of COVID-19. What we have been able to achieve with months of negotiations with the World Bank, The Ministry of Economic Development and Ministry of Finance together with SLDB is remarkable,” said Saint Lucia Development Bank Managing Director Vincent Boland. “The funding was a concessionary loan to the Government of Saint Lucia from the Climate Investment Fund and the Pilot Program for Climate Resistance as part of the Disaster Vulnerability Risk Reduction Program (DVRP).”

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According to The St Lucia Chamber of Commerce Industry & Agriculture Executive Director Brian Louisy, the Micro, Small & Medium Enterprises (MSMEs) community is on frontline of this economic crisis on account of their pre-existing structural vulnerabilities, particularly their inability to access credit and liquidity.

He welcomed the opportunity for the MSMEs community to access financial relief and support. 

Present at the Launch Ceremony was the Minister for Economic Development Honourable Guy Joseph and PS of the Department of Finance Ms. Esther Rigobert and joining via zoom was World Bank Program Leader for Sustainable Development and Infrastructure in the Caribbean Vickram Cuttree. 

Prime Minister Chastanet thanked the World Bank for their flexibility and seeing the need to repurpose funds amidst the COVID-19 crisis and asked the private sector to access this support not only to help with liquidity but to help build resilience for future shocks brought on by the ever present threat of Climate Change.

He also said: “The work does not end today, it starts today. Moving forward we will get local government and communities involved to get the word out about this relief so that no one is left behind. I hope that initiatives like these will continue to strengthen the relationship between Government and the business community as collaboration is important to steer us out of this crisis.” 

More information about this loan/grant facility can be accessed through The Saint Lucia Development Bank via telephone number 456-7532 or visit their website at https://www.sldb.lc

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

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