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General Financing

EGFL provides loan and equity financing to service enterprises/general businesses with strong growth and profit-making potential, operating within any sector of the economy. This funding is provided at very attractive interest rates, with other concessionary terms and conditions.

Financing is provided from BDS$100,000 to the higher of BDS$1.5 million or 15% of available resources, at an interest rate of 7.5% per annum, calculated on a reducing balance basis. Loan terms can extend to fifteen (15) years.

  • Financing can be used to acquire capital assets and for working capital purposes.
  • Funds can also be used for the refurbishment of existing buildings or the construction of new facilities associated with the business’ operations.
  • Refinancing of existing debt will be limited to no more than 25% of the loan proceeds.
  • Funding resources may not be used to purchase land or finance real estate ventures.
  • Documentary evidence of approvals, permits and consents associated with the execution of the project must be presented to EGFL prior to disbursement of funds.
  • Security is required, usually in the form of a legal charge over the assets which have been acquired with the proceeds of the loan and any other collateral that may be deemed necessary.

In order to qualify for this funding, the company must be considered a small or medium-sized business, satisfying at least two of the following criteria:

  1. The market value of the company’s fixed assets must be greater than $25,000 but less than $1.0 million.
  2. The number of employees must be greater than five but not exceed two hundred persons.
  3. The company must generate annual sales of between $100,000 and $7.5 million.

After the applicant submits a Business Plan, EGFL shall ensure that the project proposal falls within the scope of the overall objectives of this financing and shall conduct due diligence with particular reference to the following:

  1. Project costs.
  2. Technical feasibility with reference to sectoral knowledge and skills.
  3. Management skills.
  4. Reputation of prospective client(s) in the marketplace.
  5. Credit worthiness of the prospective client(s) and the ability to service debt.
  6. Market analysis and prospects.
  7. Financial structure.
  8. Financial viability including profitability and balance sheet projections for five (5) years. For existing
    businesses, audited financial statements for the three (3) years preceding the date of the application must be provided.
  9. Foreign exchange generation capacity.
  10. Sensitivity and risk management analysis.
  11. Environmental impact.

DOWNLOAD FULL BUSINESS PLAN GUIDELINES HERE

A copy of the following corporate documents must also be provided:

  • Certificate of Incorporation
  • Notice of Address or Notice of Change of Address of the business’ registered office.
  • Notice of Directors or Notice of Change of Directors
  • Articles of Incorporation

On completion of the due diligence process, the Fund Manager shall prepare and present a Project Funding Memorandum for the review and approval of the Investment Committee. Prior to disbursement, the applicant should show evidence of compliance with BRA and NIS, if applicable.

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