…as gov’t pours $218M into LEN revolving fund

DETERMINED to help lift Linden out of its economic plight, government has pumped $218M into the Linden Enterprise Network (LEN) — a revolving fund that is geared at providing start-up capital to small businesses in the mining town.

This is a significant increase from its $100M in 2016 and $90M in 2017. During the three years, LEN has made massive strides in diversification and self-sustenance after realising that its initial role as a micro-financing institution for small entrepreneurs and manufacturers has not been viable.

Region 10 MP Jermaine Figueira noted that the allocation is evidence of LEN’s ability to diversify without losing sight of its main purpose as a lending institution. He said because of this, it has been granted such a huge increase, which of course will continue to stimulate economic growth in Linden through business ventures, manufacturing, agriculture and housing initiatives. “I think that LEN has done a great job in pushing itself to obtain financial self- sufficiency rather than to display this rock-back attitude and as the good book said, ‘God helps those who help themselves.’ It is genuinely helping itself by rolling out several initiatives, all in the interest of enabling financial stability of the residents of Linden.”

Only last September, LEN unveiled a five-year Strategic Development Plan, which will serve as a guide for its further expansion and diversification. The company took the initiative to do same, after realising its diversification strategies have resulted in a 50 per cent increase in clientele. The strategic plan aimed at allowing LEN to have national penetration and to reach to the point of excellence to pioneer technology, food security, develop industry standards and other sectors according to the CEO Tanniza Gasper. To date LEN has improved its expertise in agriculture, construction, tourism and manufacturing.

In addition to the strategic plan, LEN has also initiated a low-income housing initiative which has received overwhelming response from not only Linden residents, but persons from other regions. The two-storey bauxite brick houses cost $3.5 M and LEN has since rolled out a three-bedroom house at $4.5M to cater for larger families. LEN has also expanded its central business incubator to cater for the very entrepreneurs they are financing.

Over the last three years, LEN has also shifted its focus to agricultural empowerment in Region 10, cognisant of the region’s high level of dependability on agricultural production. Apart from giving loans, greater technical and tangible assistance were given to persons in the agricultural sector. These include farmers, seedling and poultry producers and apiculturists.

The hallmark of the agriculture project was the distribution of 800 seedlings to farmers. Most of the seedlings were hot and sweet peppers, given the upsurge in pepper processing in Linden. In a bid to meet the demands for these agro processors, farmers were encouraged to plant pepper.

LEN would have also assisted two youths with establishing apiculture businesses.   With these significant strides, residents of Linden, especially entrepreneurs, were calling on the government to pour more into LEN as the previous allocations were not enough to create the change in the economic landscape in Linden. With LEN’s current financial abilities, it can only afford to LEN a loan up to $1M and this was deemed insignificant in most cases, to invest in a real viable businesses.

The Linden Chamber of Commerce is an organisation that networks with LEN on several initiatives and its President, Victor Fernandes previously urged the government to inject more into LEN as that may be a good solution to the economic problems faced in Linden. Following the announcement of the $215 M allocation, Fernandes said that he is upbeat about the allocation since it will definitely allow LEN to expand its various initiatives, especially its lending portfolio. “It will now give LEN the latitude to reach the needs of the borrowers. I feel very upbeat about it,” he said. Lindeners are calling for the simplifying of the process of accessing the loans since the requirements put a strain on one’s pocket and in effect is a deterrent to those accessing the scheme.