IPED loans up, surplus down in 2002
- crime wave cited
December 2, 2003
The Institute of Private Enterprise Development Ltd (IPED) funded 4,784 entrepreneurs with loans during 2002 compared with 4,352 in 2001.
The loans totalled $720 million creating 7,618 jobs and adding value to the economy totalling $4.2B.
These figures represent a growth of 14% in numbers and 27% in value.
This was announced yesterday when IPED held its Annual General Meeting at its Head Office on South Road.
The small business sector accounted for 1417 loans valued at $524M, while the micro-sector category consisted of 3367 loans valued at $195M.
But interest income declined by 22% last year as a result of owners having a hard time to carry on their businesses during the recent crime wave as well as lower treasury bills and deposit account rates.
There was a decline in surplus from $47.4M in 2001 to $33.4M in 2002. This was also credited to the crime wave and low interest rates.
Chairman Yesu Persaud asserted that the "Institute continues to suffer from the vagaries of the economy and the international financial system."
Awards were distributed for the Best Managed Project, Anirhu Rachpaul; Best Woman Entrepreneur, Bhag-wandai Harrichand; Best Agricultural Project, Khemraj Karu; Best Manufacturer, Nateram Ramnanan; and six enterprising micro entrepreneurs. Awards were also given to long-serving and outstanding staff members including Hemant S. Indar Singh who has been an employee of IPED for the last ten years.