The Government of Barbados recently launched its Trust Loan Project (“TLP”) after months of coordination with an allocation of 10 million dollars. Thereby, giving entrepreneurs and MSMEs approximately 10 million reasons to apply for the “low-cost, hassle-free loans” it promises. Administered by FundAccess, the TLP is part of a concerted state effort to develop a culture of entrepreneurship in Barbados and facilitate an enabling environment for business development.

Know before you click. Read on!

However, before you click the button above to apply, here is what you need to know:

Loan Amount: Up to $5000 (first time applicants)
Collateral Needed: None
Interest Rate: 5%
Repayment Term: 3 years
Payment Moratorium: Negotiable (up to 6 months)
Repayment Benefit: Qualification for a second loan of up to $10,000
Target Market: persons engaged in legitimate entrepreneurial business activity
Processing Time: approximately 2 weeks
Disbursement Location: Building #4 Suite 102, Harbour Road, Bridgetown
Contact Information (Tel.): (246) 228 – 1366
Additional Locations: Future offices at Speightstown and Oistins promised
Future Support Mechanisms:

  • an interactive and user-friendly website;
  • a financial Literacy Bureau to assist in ensuring that entrepreneurs are financially savvy and understand the basic rudiments of money and business management;
  • a mobile phone app that would allow applicants to complete their application, accept deposits, and make payments, among other features; and
  • a community-based cluster initiative to promote business camaraderie, innovation, experience and knowledge-sharing.

 

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