disbursed $274,186,000 in loans last year
…revenue 25 per cent higher than 2009
DESPITE several hurdles, the Small Business Development Finance Trust (SBDFT) had increased its lending by 22 percent and had provided funding for 685 micro and small loans in 2010 as compared to 652 in 2009.
Chairman of the Trust, Sattaur Gafoor, who yesterday revealed the figures at the firm’s Eighth Annual General Meeting at Hotel Tower on Main Street, highlighted that the total value of loans disbursed during the year was $274,186,000.
The total revenue for the year was $48,781,973 as against $38.9M in 2009. The increase over 2009 was 25 percent and the company generated a surplus of $17.6M for the year.
According to Gafoor, macro economic policies can provide the environment needed for the development of Small and Medium Enterprises (SME) and government had shown its commitment to this sector by passing the Micro Finance Bill in Parliament in 2010, which encouraged the banking sector to invest in small SMEs.
“The provision of micro loans has also enabled many disadvantaged young persons who would have otherwise been engaged in undesirable activities to improve their lives and aspire to a better future,” he remarked.
Managing Director of SBDFT, Manjula Brijmohan, said it is the company’s opinion that the financial statements present fairly, in all material respects, the financial position of the company as at December 31, 2010, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards and complied with the requirements of the Companies Act 1991.
She said those standards require the company to comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements.
Also present at the meeting were Prime Minister Samuel Hinds and Finance Minister Dr Ashni Singh.