Self Start Fund targets delinquent borrowers
The Self Start Fund has revealed that it has had to resort to drastic measures to recover some $40 million owed by delinquent borrowers.
These measures, according to the fund’s General Manager Sezvin Hamilton, include legal action and the seizing of assets.
The Self Start Fund was established by the government in 1983 to provide loan financing to micro and small entrepreneurs, as well as individuals who are unable to access funding from traditional financial institutions.
However, noting that the fund is a revolving loan scheme, Hamilton says its success depends heavily on the repayment of loans.
Failing this, he says, the next generation of entrepreneurs will have less to borrow from.
FOR MORE STORIES WATCH: