Scotiabank Places Confidence in Start-Ups with $60,000 Grant

Scotiabank has shown its confidence in Barbadian entrepreneurs with a $60,000 grant which go towards helping to fund start-ups and small businesses. The grant, which is part of the commemoration of Scotiabank’s 60th anniversary in Barbados, was made to the Cherry Tree Trust, a charity which makes loans to small businesses that have difficulty securing financing […]

By Business Barbados

June 29, 2016

Scotiabank Managing Director David Noel in conversation with (from left to right) Cherry Tree Trust trustee Renee Kowlessar and co-general managers Sasha Sheehy and Sheila Leacock.

Scotiabank has shown its confidence in Barbadian entrepreneurs with a $60,000 grant which go towards helping to fund start-ups and small businesses.

The grant, which is part of the commemoration of Scotiabank’s 60th anniversary in Barbados, was made to the Cherry Tree Trust, a charity which makes loans to small businesses that have difficulty securing financing from mainstream financial institutions.

Scotiabank managing director David Noel handed over the cheque to Renee Kowlessar, Sasha Sheehy and Sheila Leacock of the Cherry Tree Trust recently at the bank’s managing director’s office in Warrens.

“Scotiabank is proud to make this donation to the Cherry Tree Trust, which is focussed on supporting entrepreneurs and small businesses in Barbados. Small businesses are critical to economic growth and it is important that we play our part in facilitating an environment in which entrepreneurs can start and grow successful businesses,” he stated.

Noel acknowledged that commercial bank loan financing is not always appropriate for start-up businesses given the higher risks involved, but he said that banks “still have a role to play by providing philanthropic support to create an environment in which start-ups can grow and thrive.”

Scotiabank has long been a champion of small business and entrepreneurship, sponsoring educational programmes like the BEF/Flow $20 Challenge and Bank on ME.

The Cherry Tree Trust has lent over BBD $100,000 since its founding in 2012. It provided funding for start-ups and small businesses which have no more than 10 employees or $500,000 in annual revenue. 70% of its funding thus far has been for start-up companies.

Trustee Renee Kowlessar said the grant will go a long way to helping to the organisation meet their targets.

“As we continue to encourage the formation and growth of  micro-enterprises in Barbados and ultimately the wider Caribbean, we are very excited and encouraged by corporate partnerships such as the one we have entered with Scotiabank. Together we will be able to empower a group of budding entrepreneurs who have viable ideas and business plans but lack the funding to get off the ground, or who have embarked on a workable proposition but need support to expand and make meaningful impact. Not only does the Cherry Tree Trust offer financial support to its beneficiaries, but mentorship and advice as well as structure and discipline that will help these small businesses to operate in a manner that will allow them to become employers and serious players in their local market. This collaboration is about creating sustainable livelihoods for people who would not otherwise have these opportunities. We thank Scotiabank for sharing our vision by partnering with us over in such a tangible way.”

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