Annual Reports

Enterprise Growth Fund Limited is committed to fostering the growth of young, dynamic Barbadian firms with superior entrepreneurial talent.

Corporate Profile

Mission Statement

To foster the enfranchisement and growth of vibrant, small and medium-sized enterprises through excellence in the mobilization of capital and the delivery of financial services.

Vision

To be the financial services locomotive of an inclusive and vibrant entrepreneurial class.

Board of Directors

The business of Enterprise Growth Fund Limited (EGFL) is conducted under the oversight of the Board of Directors. As of March 31, 2025 EGFL’s Board of Directors was composed of the 6 members shown.

Principal Activities

On January 2, 1998 Enterprise Growth Fund Limited (EGFL) commenced operations as a limited liability company to provide venture capital, advisory services and technical assistance to its client companies in the small and medium sized enterprise (SME) sector.

Within a few years of its inception, EGFL’s core activities evolved to include fund management services to a number of dedicated, sector-specific Funds established by the Government of Barbados to provide financing to assist with the retooling of the productive sectors of the economy.

These developments have enabled EGFL to cater to a wider cross-section of businesses in fulfilling its mandate of providing developmental finance to the critical SME sector.

Chairman's Statement

Chairman's Statement

Continued robust growth in tourism, accompanied by significant expansion in construction and business and other services, propelled the Barbados economy during 2024. Tourism and business and other services increased by 12.1% and 4.6% respectively for 2024 while elevated building activity led to a 7.1% increase in the construction sector. Increased airlift from the United States market resulted in significant growth in arrivals from that market and overall. The upward trajectory continued in the first quarter of 2025 when real growth in GDP expanded by 2.6%.

The sustained economic growth engendered more confidence in the business community and translated into a greater willingness to invest by entrepreneurs. Accordingly, the growth of credit to the non-financial private sector from deposit-taking institutions increased by 4.4% in 2024, compared to an upturn of 2.6% for 2023. Our experience has been similar, with an increase in demand seen across the various sector-specific Funds we manage.

Revenues for Enterprise Growth Fund Ltd. (EGFL) declined slightly from $4.05 million at March 2024 to $3.88 million for the financial year under review. There was a concomitant decrease in other comprehensive income which registered $249,000 in 2025, a reduction from $402,000 in 2024. Expenses increased marginally during the year, moving from $3.32 million in 2024 to $3.42 million in 2025. Included in EGFL’s $3.42 million in expenses for 2025 is a portion of the $214,000 (2024 – $214,000) allocated to the audit of the company and the various Funds Under Management.

Subsequent to the year-end, Mr. Timothy Simmons, the Chief Executive Officer who led the institution from inception, bade farewell to the organisation. Mr. Simmons played a pivotal role over the past 27 years in developing the small and medium sized business sector in Barbados. He led the institution ably as it funded the establishment and development of numerous companies in the tourism, manufacturing, agriculture and renewable energy sectors. We wish him all the best in his future endeavours.

As the institution embarks on its next phase of development, we will build on the solid foundation that has been established. Those efforts will continue to revolve around helping businesses become more efficient and competitive so they can generate employment and foreign exchange.