Applications are now open for the Eastern Caribbean Greenpreneurs Interest-Free Loan Program. The interest-free loan facility will be a feature of the Eastern Caribbean Green Entrepreneurship Initiative’s Accelerator Programme. The goal of the accelerator programme is to contribute to the growth of green business resulting in the creation of green jobs and improved livelihoods for people of the OECS.
The programme targets high-potential enterprises in the growth stage, offering investor matching services and funding through the Global Green Growth Institute’s (GGGI) Green Innovation Fund. The Interest-Free Loan programme offers investments of up to US$ 50,000 to cover operation and/or capital expenses of selected beneficiary enterprises. The programme aims to facilitate the development, establishment, and growth of innovative green enterprises in six OECS Member States namely; Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The programme is being implemented by the Global Green Growth Institute in partnership with the OECS Commission with funding from the Qatar Fund for Development.
To be eligible, green entrepreneurs must have business models aimed at solutions addressing environmental or sustainable development goals and should meet the following criteria.
• At least three years of operations as of the application date
• Minimum average annual turnover of EC 120,000 (around USD 44,400) during the last 2 fiscal years
• At least 25% revenue growth during the last 3 fiscal years (may be waived for Covid-19 related impacts)
• Demonstrate sufficient financial resources, comprising working capital supplemented by credit lines statements or overdraft facilities and others, at least equal to the interest-free loan requested
• Contribution to resilient low carbon development as demonstrated by relevant KPIs including, among others:
o Greenhouse Gas (GHG) mitigation potential
o Green job creation potential
o Increased resilience to climate change
o Circular economy
This is the first in several planned calls for proposals for interest-free loans. It is anticipated that additional calls will be launched in Q3 2022, Q1 2023, and Q3 2023. In addition, the Greenpreneurs Accelerator program will also be hosting workshops and a program to facilitate links between investors and growing green enterprises later this year. To keep informed of upcoming Greenpreneurs program events, please sign up for our mailing list.
The application deadline is April 24th, 2022.
A programme information webinar will be held on Tuesday, March 8, 2022 at 11AM (AST), to provide potential applicants with more information on the programme.