Scotiabank launches $50M development fund

At that same event, the bank also launched the 2017 edition of the Scotiabank Vision Achiever Programme (SVAP).

Addressing SME owners at the launch, General Manager, Small Business and Self-Service Channels, Scotiabank Trinidad and Tobago, Gregory Hines, said SMEs are “an important customer segment for us.” “SMEs play an important role in the growth and development of economies globally. They play an even more important role in creating employment, generating wealth and supporting sustained economic growth in smaller economies...

Here in TT, there are more than 20,000 registered SME, employing over 200,000 people and contributing more than a third of our country’s GDP (gross domestic product). When we consider the challenges associated with the current economic climate, SMEs now more than any other time in our history, have the potential to play a greater role in our economy.” Hines said there are however several impediments in the way of SME growth in TT. “Two impediments that we have identified and which we have decided to address directly are access to affordable financing and availability of practical, hands-on, relevant business training. (Scotiabank) is pleased to officially launch two initiative which are geared at addressing these challenges. The first, is our SME Development Credit Fund, which provides low cost financing options for qualified businesses. The second is Vision Achievers 2017, which provide practical, hands-on, and relevant business training to entrepreneurs,” Hines said.

Speaking about SVAP, Vice-President, Chief Financial Officer and Chief Administrative Officer of Scotiabank’s South and East Caribbean operations, Reshard Mohammed, said the programme “was developed with the entrepreneur in mind - to help build capacity - so that they can manage their operations more efficiently and effectively.”