Term Finance has been making significant strides in the small and medium-sized enterprise (SME) credit space in Barbados over the last year. Through its SME lending arm, the company has successfully piloted an SME loan program that has demonstrated the strength and potential of this crucial sector within the economy.
Since the initiative’s launch, Term Finance has processed an impressive BBD7.6 million in loan applications, providing much-needed capital to businesses across various industries. More than 350 SMEs have received consultation and financial guidance, equipping them with the knowledge and resources to make informed credit decisions and drive business expansion.
“Our SME lending program has helped a wide range of businesses, from retail and food service to agriculture and education,” said Dr. Christian Stone, Head of Term Finance’s SME lending division. “What excites us most is the impact—these businesses thrive individually and contribute to employment and economic stability in Barbados. By providing capital and expert financial guidance, we ensure that SMEs have the support they need to succeed.”
One such success story is Calypso Kitchen, a local food business that recently expanded with a new restaurant opening at the Wildey Commercial Centre. Daryl Bassaw, owner of Calypso Kitchen, shared his experience: “Working with Term Finance on this growth facility was a real pleasure. In addition to providing the needed funds, Term Finance’s lending team worked closely with us to ensure that our store opening budget and operating projections were accurate. Our entire family learned from the experience.”
The need for SME funding in the Caribbean is vast, with the financing gap amounting to billions of U.S. dollars. By addressing this gap, Term Finance’s SME loan division fosters economic resilience and growth, ensuring businesses have the funding to thrive.
Term Finance’s SME lending initiative is supported by First Citizen’s Bank and the Inter-American Development Bank (IDB), both of which are very excited about the portfolio growth opportunities in Barbados. Their support underscores their confidence in the market’s potential and the critical role that accessible financing plays in economic expansion.
Beyond SME lending, Term Finance has also been actively supporting consumers in Barbados through its established consumer credit brands, FastCash and Axcel Finance. Thousands of Barbadian consumers have benefited from accessible financial solutions, further reinforcing Term Finance’s commitment to economic empowerment.
As Term Finance continues to expand its SME financing efforts, it remains dedicated to fostering business development, job creation, and economic sustainability in Barbados and the wider Caribbean region. With the success of this pilot program, the company is poised to make an even greater impact, solidifying its position as a leader in SME financing across the region.
Any micro, small, or medium-sized business interested in financing opportunities can visit www.termfinance.com to apply now.
