The Grenada Government is lowering the threshold for persons to access monies from the Small Business Development Fund within the Grenada Development Bank.
Social Security Minister Hon. Nickolas Steele, in a recent news briefing, said a number of changes are being made to ensure that up-and-coming entrepreneurs benefit. The changes are designed to regulate and allow access to the funds more efficiently, addressing matters of unsecured loans and increasing limits on loans from $5,000 to $7,000.
“The changes made were just to regularize and to allow more efficient access into the fund,” Minister Steele said. Adjustments have been made to meet the needs of individuals who cite difficulties based on their monthly salary, but persons must make a commitment to pay back.
The Minister said “they are targeting individuals who have difficulty based on salary, access to loans in the bank, but the ability to repay must be shown as well.” According to Minister Steele, persons being targeted are those who are proven to be needy or receive a monthly salary of less than $1,200 to $1,500.