The Fund Management Committee (FMC) is composed of five (5) members appointed by the Executive Council for a period of one (1) year. The FMC is headed by a Chairperson, and a Deputy Chair. The membership of the FMC provides a diverse mix of competencies and experience from both the public and private sector. While the Loan Procedures do not state which members should be in attendance, it is customary that the quorum is constituted with the Chair or Deputy Chair in attendance. The FMC meets at least once a month but may meet more frequently, if necessary.
The FMC’s mandate is to review and evaluate all applications of the loans and grants programmes
administered by the BDU. The FMC can only make recommendations for the application to be either (i) approved (ii) deferred or (iii) denied. However the FMC does have discretionary powers with respect to determining the terms and conditions for specific facilities or even in waiving conditions for given facilities. For example, although the maximum loan amount is $250,000, the FMC may make proposals to the Executive Council for a loan in excess of this amount to be granted. In addition, the FMC may make recommendations to vary the amount of collateral. The FMC may also use its discretion in making a recommendation to refinance or restructure a loan where the client has not met the stipulated condition (i.e. 45 percent of the existing loan must be repaid). At all times the FMC must adhere to the mandate and the guiding principles of Enterprise Assistance Fund to foster a spirit and culture of entrepreneurship and to provide seed capital and low cost financing to the SME sector.
The FMC’s recommendation can be challenged by the Secretary of Finance and Enterprise
Development or the Executive Council, who are the approving authorities. The FMC must act in accordance with the Loan Policy Guidelines in evaluating loan applications and in making recommendations to the Secretary of Finance or the Executive Council.
- Enterprise Assistance Grant Programme (EAGP) Checklist
- Enterprise Assistance Grant Programme (EAGP) Application Form
- Enterprise Assistance Fund – Quick Reference
- Enterprise Assistance fund – Checklist of Preliminary Documentation Requirements
- Guidelines for the Preparation of Business Proposals