Nedco, UTC partner to support entrepreneurs

NATIONAL Entrepreneurship Development Company Ltd (Nedco) and Unit Trust Corporation (UTC) have signed a memorandum of understanding (MoU) to enhance investment opportunities and financial security for micro and small enterprises (MSEs) by introducing the Nedco Vision 50/50 Loan.

This loan provides entrepreneurs with a total financial base of $50,000 which is split equally, allowing them to invest $25,000 and the other $25,000 used as collateral.

In an ad in another daily newspaper on September 1, Nedco's CEO Calvin Maurice said the loan is aimed at supporting and elevating MSEs in the entrepreneurial landscape.

"We are incredibly excited about this partnership with UTC. The Nedco Vision 50/50 Loan represents a significant step in our efforts to provide MSEs with the financial tools they need to succeed.

"By collaborating with UTC, we offer a product that is not only secure but also empowering for businesses looking to grow and expand," he said.

UTC said this partnership aligns seamlessly with its mission to advance financial security and foster wealth creation.

UTC executive director Nigel Edwards said, "With dedicated initiatives, such as Scale Up TT and UpreneurPlus that support and empower entrepreneurs, we are thrilled to support the Nedco Vision 50/50 Loan, confident that it will make a significant and enduring impact on the MSE sector."

The Nedco Vision 50/50 Loan is not the first project UTC has partnered with to support entrepreneurs.

In June, UTC and Trade Ministry signed a MoU aimed at developing and growing medium-sized businesses for its Scale Up TT programme.

Additionally, UTC has also collaborated with UWI Ventures Ltd to develop UpreneurPlus, a platform that educates, mentors and finances business owners and potential entrepreneurs of up to $1 million.

The Nedco Vision 50/50 loan is available to entrepreneurs between the ages of 18-65 who have been operating their businesses for at least six months.

The loan can be utilised for purchasing inventory and equipment, increasing working capital, upgrading to digital technology and other business needs.