With the CARICOM 2022 Agri-Expo behind us, we now are faced with a couple things that need to be addressed.
- ‘Have you been inspired with ideas to start a new business?’
- ‘Are you an established business looking to expand, now with a clearer vision of what you want to do?’
These are just some questions that I’m throwing out for you guys. Basically, what the agri-expo did was provide to the public ideas for growth and innovation in the agricultural sector. Not only that, but they also enlighten us to the opportunities that lay open to us by both governmental and private organizations.
One of the main things that people face when wanting to start a new business, or improve on what they already have in the issue of funding. Ideas and will is not the only thing that is needed to make advancements. Money is needed in all aspects of business grown; to purchase new technologies and equipment, to hire more staff; to do research and acquire new skills and knowledge. Money is required to make all of that happen. Not everyone may have what they need financially to take the steps in growing their business or building the foundation of a new one. This is where loans and grants come in handy.
Where to Find Funding
There are many places that offer financial aid to individuals who need and qualify for it. Banks are an obvious source to get funding. There are also other options that can be more beneficial to you while also easier to obtain. Credit unions, private institutions and government agencies also provide services to new and existing businesses for them to grow. What I plan to do here is give a list of some of the agencies available to you, the public, who might be interested in starting off your career as an entrepreneur. More specifically in the field of agriculture. (I am killing it with these puns).
Sources of Funding
One of the most iconic agencies that stand out to me, off the top of my head, is the Agricultural Development Bank. They offer a variety of different types of loans that can be adjusted to an individual’s specific needs. One such being their New Reality Loan. I’ll go into specifics on that on a separate blog.
Another entity is the National Entrepreneurship Development Company, NEDCO. They offer micro finance services that assist in the development of small businesses. This is a great place to look to help you get started. They don’t just offer finances, but also training and education on how best to grow your start-up.
The Loan for Enterprise Network and Development, LEND, is an organization that has been brought to my attention. I have to admit that I don’t know much about them. But what I do know is that they are based out of the southern region on the country here in Trinidad. They were established by Atlantic LNG as a support for small and medium entrepreneurs in the region between Penal and Icacos. From what I have learned from other articles, they have helped a great deal of people in building small companies.
Banks of course, and the obvious place to source funding for pretty much anything. While at the Agri-Expo I did see a booth set up by First Citizen Bank. I did not have the time at the moment to find out what type of loans they had to offer, but I do have an inside source at one of their location. I plan to schedule an interview to get more information that I can share with you guys.