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The Eastern Caribbean Bank in Basseterre, St Kitts and Nevis (Photo: OECS Business Focus)

ECCB governor appeals for credit facility to support women, young digital entrepreneurs

The Eastern Caribbean Bank in Basseterre, St Kitts and Nevis (Photo: OECS Business Focus)

Governor of the Eastern Caribbean Central Bank (ECCB) Timothy Antoine last week made an appeal for the recently launched Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) to support women in business and young digital entrepreneurs as a matter of policy.

Speaking at the official launch of the ECPCGC on October 5, Governor Antoine said the joint initiative of the ECCB and The World Bank aims to help micro small and medium-sized enterprises (MSMEs) access less demanding financing arrangements.

Governor of the Eastern Caribbean Central Bank Timothy Antoine (File photo)

“The ECPCGC partners with financial institutions in the subregion and guarantees up to 75 per cent of the security or collateral needed by MSMEs to obtain loans to expand or improve their operations,” a release from the bank explained.

“Additionally, the ECPCGC provides training for the lending officers of the participating financial institutions and supports business owners in the areas of business planning, financial management and marketing,” the ECCB further outlined.

An online teaser announcing the launch of the Eastern Caribbean Partial Credit Guarantee Corporation. (Photo: ECCB)

In his call for the corporation to pay special attention to women and young digital entrepreneurs, Governor Antoine said that far too often women and young entrepreneurs who have no track record or collateral face challenges in accessing the credit space. As a result, they fall short of realising their dreams of raising their families and contributing to the building of the region.