The Small Business Development Fund (SBDF) operated from within the state-controlled Grenada Development Bank (GDB) has disbursed just over EC$2.2 million to persons to start their own businesses.
This was disclosed by Minister for Information Communication Technology, Alvin Da Breo at a recent post-Cabinet Press Briefing held at the Ministerial Complex in the Botanical Gardens, Tanteen, St. George.
According to Da Breo, a few of the businesses that have started due to these funds have provided employment for at least one or two persons.
The two year old ruling New National Party (NNP) government of Prime Minister Dr. Keith Mitchell is looking towards SBDF to help create job opportunities throughout the country.
The government minister announced that 702 applications for funds were received and of this amount, approximately 270 were approved.
Minister Da Breo gave a breakdown in percentages of the areas where the monies disbursed will be earmarked.
He said: “53% has gone into retail grocery, the next highest was at 31% which is fishing, followed after fishing, we had about 23% which is (in) the cruise ship industry (financing for Visa and application) followed by 18% for agriculture…”.
Da Breo indicated that applications were received from 114 females and 126 males while 23% fell into the category of jointly between males and females.
The approved applications range from St George’s (166), St John (28), St David (26), St Andrew (22), St Patrick (13) and St Mark with 12.
The St John Parliamentary Representative praised his constituents for getting involved in the project with a view to seeking to help develop their area.
“I’m happy to say, it seems the people at St John, they seem to be good innovators (and) I encourage them to keep the applications coming because that would be developing St John very well,” Da Breo said.