Entornointeligente.com / News day / In addition to providing funding via loans, the 15-year-old programme offers training and business advice to local entrepreneurs.
MIPED loans are repaid with interest so that the fund can grow and more residents can access these loans. As a result, MIPED has grown into a self-sustainable fund that can live on for future generations in Mayaro.
bpTT, in a statement about the achievement, said each new business that MIPED supports generates employment opportunities in the area and that to date, MIPED has supported hundreds of startups and created thousands of permanent and seasonal jobs. MIPED Manager, Rory Jitta, said the programme has also been successful because MIPEDs clients honour their loan responsibilities and by re-paying their loans, they are making it possible for others to benefit (too). We also feel good knowing that we are supporting the overall economic diversification and social development of Mayaro and by extension the country.
Vice President Corporate Operations at bpTT, Giselle Thompson, also spoke about the achievement, sharing the companys pride in MIPED having distributed more than $75 million in loans as of February 2016. (However) this pride is not routed in the fact that the programme has grown from strength to strength, Thompson said, but rather in the many families and residents from Mayaro whose lives have changed for the better, whose businesses are thriving and whose standard of living has improved. Meanwhile bpTTs Corporate Responsibility Manager, Ronda Francis, credited MIPEDs success to it having been adapted to suit the needs of residents. She cited the revitalisation of Mayaros fishing community as an example of this.
bpTT operates in 904,000 acres off Trinidads east coast, has 13 offshore platforms and two onshore processing facilities.
TRINIDAD Y TOBAGO: bpTTs MIPED reaches TT$75 million in loans
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