With $100M start…
CARICOM General Insurance Company Inc. has committed to continue the credit scheme which was previously managed by GuyFlag, through Linden Economic Advancement Fund (LEAF).

LEAF opened its doors to the public on November 1, 2004 but was formally introduced on April 29, 2005.?

With the replacement of Linden Economic Advancement Programme (LEAP) by Linden Enterprise Network (LEN), many entrepreneurs and business persons thought it was the end of LEAF.

However, Managing Director of Caricom General Insurance, Mr. Anthony Soares, speaking outside the company’s office, at Sir David Rose Avenue and Republic Avenue,

Mackenzie, said, Wednesday afternoon, that the lending institution would now be known as Caricom Insurance Micro-Linden.

He announced that it would inject an initial sum of $100M into the credit facility, as many persons have shown a willingness and desire to do business with the company.

Soares said LEAF’S success is testimony that borrowers were honouring their obligations, because, while only $464M was invested in LEAF by the European Union (EU), 799 loans of $732M were extended.

He declared that Caricom Insurance has no fear about getting back its money but explained that, for now, only micro loans will be offered and potential entrepreneurs and business persons would be allowed up to $500,000, individually.

Soares said the revolving fund remains in tact as Caricom Insurance will be in Linden forever.

“We were the cornerstone of LEAF and will be the cornerstone for lending money to the people of Linden,” he  said.

Mr. Leonard Forde, who is in charge of the Linden operations, encouraged the wider business community to get involved in borrowing to enhance their small enterprises.

Chairman of the Linden Chamber, Mr. Basil Jailpaul said he is happy Caricom Insurance will continue the work of LEAF.?

“We have had LEAP and LEAF and they have both made their impression and left. We also have LEN and now we have Caricom Insurance, which will take up the void left by LEAF,” he noted.

Caricom Insurance began receiving applications yesterday and hopes to have them processed after the necessary interviews because no loans were granted since March 31, 2009.