A NEW Chief Executive Officer (CEO) to manage the affairs of the Linden Enterprise Network (LEN) will be appointed soon.
The new appointee will replace Valerie Adams-Patterson, who has recently taken up the position of Minister within the Ministry of Communities with responsibility for Housing.
According to reports reaching the Guyana Chronicle, the Board of Directors is scheduled to meet on Friday to discuss the vacant post. To date, six applications have been submitted to the board.
LEN commenced full operation last December, although it was established since December 2009. During the recent launch, the lending institution was able to finance 40 Lindeners who are now in the process of either establishing their own respective businesses or expanding existing ones.
LEN aims to provide loans for persons at the grassroot level, who are unable to meet the requirements of lending intuitions such as banks.
Operating under the People’s Progressive Party/Civic (PPP/C) administration, the board had reinforced the need for adequate funding for LEN, but was  granted only $4 million out of the $1.5 billion requested over the years.
However, in the 2015 Budget, the A Partnership for National Unity + Alliance For Change (APNU+AFC) government set aside $155 million for the financing institution which was starved of capital.
LEN replaces the Linden Economic Advancement Programme (LEAP). The Linden Economic Advancement Fund (LEAF) had formed part of LEAP, which was a Government of Guyana- European Union (EU) project established to aid the development of Linden, from the dependence on bauxite to a more entrepreneurial type of community.
LEAP, through a financing agreement, was a seven-year programme that commenced in June 2002.  The value of the project was 12.5 million Euros.
The project objectives were the creation of viable and competitive enterprises generating new, long-term jobs, which would contribute to improving the living conditions of people in the community of Linden.
The project’s purpose was the development of the local market for business advisory services and financial services in order to attract new national and foreign investments. These were expected to increase employment opportunities in Region 10.
LEAP had eight components, of which component four, or LEAF, was to provide credit for start-up, and existing micro, small and medium-sized businesses. It was also intended to provide training and hands-on assistance to the financial institution managing the fund.
Under LEAF, more than $700 million was lent to Region 10 entrepreneurs, principally Linden. In fact, 701 entrepreneurs benefited from loans which totalled in excess of $736 million.

By Svetlana Marshall