BELTRAIDE and DFC sign an agreement to provide financial support to companies
Posted: Thursday September 16, 2021. 8:27 PM CST.
Photo credit: William Ysaguirre
By Benjamin Fleurs: This week, the Belize Trade and Investment Development Service (BELTRAIDE) signed a memorandum of understanding with the Development Finance Corporation (DFC), which will aim to secure financial support for Belizean businesses.
BELTRAIDE and the DFC signed the agreement on Wednesday in the conference room of the Small Business Development Center within the Belize City ITVET compound.
The memorandum of understanding provides for the organizations to collaborate in the implementation of the “BELIZE REVOLUTIONARY ENTERPRISE FUND” (BERF) project, funded by the CARICOM Development Fund (CDF).
“This project aims to diversify Belize’s national economy by strengthening and improving the competitiveness of micro, small and medium enterprises (MSMEs), including those with export potential, through financing and technical assistance.” , said BELTRAIDE. “BERF will specifically provide capacity building to disadvantaged groups such as women, indigenous peoples and at-risk youth. It will also develop and improve business skills; establish an inclusive financial mechanism that will provide financial solutions to meet the needs of beneficiaries and promote business growth and development through a combination of grants and loans.
The specific objectives of the project include: increasing the viability and competitiveness of MSMEs; encourage or increase innovative entrepreneurial and entrepreneurial activities; foster an environment that facilitates access to credit for MSMEs; promote product and market diversification to increase local MSMEs’ access to new markets: national, regional and international, or to expand into existing markets.
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