The Government of Liberia (GOL), through the Ministry of Commerce and Industry (MOCI), has commenced phase two of the Small Business Pro-Poor Loan Development Fund (SBPDF).
According to a Ministry of Commerce release, “The Ministry of Commerce and Industry, the sector institution of the Liberian government that oversees the Small Business Pro-Poor Loan Development Fund, wishes to announce the resumption of Phase Two of the loan process, and further encourages Liberian owned Small Medium Enterprises (SMEs) to take advantage of the opportunity.”
The release noted, “All applications were submitted to the Vetting Committee, Small Business Pro Poor Development Fund (SBPDF) Ministry of Commerce, and Industry (MoCI), EJS Ministerial Complex, Congo Town, Monrovia, Liberia from June 8, 2023 to July 8, 2023. The applicants had to meet the below listed criteria: be a Liberian owned MSME/MFI/VSLA, present a valid business registration certificate, present a business plan/proposal, present valid tax clearance, present two recent passport-sized photos and or authorized Identity, present monthly or yearly records of sales, where applicable, and present real estate tax clearance, where applicable.”
On September 18, 2018, the Liberian government, represented by Ministry of Commerce and Industry (MoCI) and the Ministry of Finance and Development Planning (MFDP), embarked on the Small Business Pro-Poor Loan Development Fund (SBPDF) as a means of tackling the constraints faced by SMEs in accessing funding from banks and other credit institutions.
The initiative is also intended to provide financing opportunities to Small Medium Enterprises (SMEs), Micro Finance Institutions (MFIs) and Village Saving & Loans Associations (VLSAs). At the top of the Small Business Pro-Poor Loan Development Fund is to enhance fiscal stimulus for a nationwide quick impact project across Liberia, with the view of providing job opportunities, capital formation, and wealth for the under privileged in the society.
“It is highly anticipated by the Liberian government that the initiative will support the government’s Pro-Poor Agenda for Prosperity and Development (PAPD), launched in Ganta City, Nimba County on 27th October 2018,” the release added.