Financing your small business through the Loan Guarantee Scheme
Under the Small Business Development Act No. 24 of 2007, the government of Antigua and Barbuda will provide eligible businesspersons with access to easy financing through the Credit Guarantee Scheme, also referred to as the Loan Guarantee Scheme, under section eight (8) of the Act.
The Loan Guarantee Scheme was designed to allow business owners and potential business owners to access credit from a lending institution of their choice that will be backed by the government of Antigua and Barbuda through the Antigua and Barbuda Development Bank (ABDB).
For further information abut funding, contact the Antigua Development Bank.
Sec 8 Loan Guarantee Scheme
1. An approved small business may apply for a loan guarantee cover under the Credit ?Guarantee Scheme through a commercial bank operating in Antigua and Barbuda by virtue of a license issued under the Banking Act, 2005, No 14 of 2005; a financial institution other than a bank to which access to the Credit Guarantee?Scheme has been granted by the Development Bank; or another institution or organization approved by the Development Bank as being?eligible to access the Credit Guarantee Scheme.
2. Where a small business is incapable of providing full security for a loan the Development Bank may, under the Credit Guarantee Scheme, guarantee the insufficiency of the security. However, guarantee can not exceed $100,000.00.