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BELTRAIDE and DFC sign agreement to provide financial support to businesses

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Posted: Thursday, September 16, 2021. 8:27 pm CST.

Photo Credit: William Ysaguirre

By Benjamin Flowers: This week, the Belize Trade and Investment Development Service (BELTRAIDE) signed a memorandum of understanding (MOU) with the Development Finance Corporation (DFC), which will be aimed at getting financial support for Belizean businesses.

BELTRAIDE and the DFC signed the agreement on Wednesday at the Small Business Development Center conference room on the compound of the Belize City ITVET.

The MOU is for the organizations to collaborate on implementing the “BELIZE ENTERPRISE REVOLVING FUND” (BERF) Project, financed by the CARICOM Development Fund (CDF).

“This project aims to diversify the national economy of Belize by strengthening and improving the competitiveness of Micro, Small and Medium Enterprises (MSMEs), including those with export potential, through financing and technical assistance,” BELTRAIDE said. “BERF will specifically provide capacity building to underprivileged groups such as women, indigenous people, and at-risk youths. It will also develop and enhance business skills; establish an inclusive financial mechanism that will offer financial solutions to meet recipients’ needs and promote business growth and development through a combination of grant and loan funding.”

The project’s specific objectives include: increasing MSMEs viability and competitiveness; encouraging or increasing innovative entrepreneurial and enterprise activities; fostering an environment that facilitates credit access for MSMEs; promoting product and market diversification to increase local MSMEs access to new markets: domestically, regionally, and internationally, or to expand in existing markets.

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