SINCE THE start of the year, the Clarendon Community Development Fund (CCDF) has disbursed more than $12.2 million to some 126 beneficiaries.
The money has been made available by the Micro Investment Development Agency (MIDA) as well as special loans disbursed under a European Union/Government of Jamaica loan programme.
Manager of the CCDF, Seymour Edwards, said that for this year, investments were made primarily in the areas of agriculture, manufacturing and the service sector. Projects include chicken-rearing and furniture manufacturing, and there were loans to shopkeepers, restaurant owners, hairdressers and taxi-drivers.
He said there was a 67 per cent increase over the $7.3 million disbursed for the similar period last year, and there were 39 more funded projects over the 87 recorded for last year.
Mr. Edwards pointed out that this year, 22 agricultural, eight manufacturing and 96 service sector projects were funded. This compared with the 22 agricultural, two manufacturing and 63 service sector projects funded last year.
"Performance throughout this year has been vastly improved over the previous year, and this is attributable mostly to new policies within MIDA's operation which provide more incentives for local fund managers to solicit new loans," he said.
He commended the 79 female and 47 male beneficiaries who have been utilising the services of the fund this year, noting that the organisation was seeking to encourage more men to access funding next year.
Mr. Edwards said that in order to become more viable for the upcoming year, the CCDF has projected to lend approximately $36 million.
This, he said, was also in keeping with the government's overall plan to improve the economic climate through programmes such as these, and to empower more persons to operate their own businesses.
"We also have an 80 per cent repayment rate, which is not satisfactory, and we are encouraging those persons who are delinquent to come in and settle with us quickly," Mr. Edwards said.
The CCDF was established in September 1998 as a merged entity of the May Pen and Hayes Community Development Funds, with a mandate to assist micro enterprises with funding.
