The Liberia Investment Finance and Trade (LIFT) project represented by the Central Bank of Liberia (CBL) as Apex for implementing the Line of Credit (LOC) subcomponent and the Ministry of Commerce and Industry, as the Project Implementation Unit (PIU) hereby informs all micro, small and medium-sized enterprises (MSMEs) about the commencement of official roll-out of the US$6.0 million LOC facility provided by the Government of Liberia under the LIFT project.
The LOC is intended to support low-cost and long-term loans that will enable MSMEs to contribute towards building a strong private sector for sustainable economic development. The MSMEs can now apply to the three financial institutions that have been qualified by the Steering Committee of the LIFT project for the first phase (US$2.5 million) of the roll-out. These institutions are Afriland First Bank Liberia Limited, the Citi Trust Microfinance Company, and the Liberian Enterprise Development Finance Company.
To be eligible for loans, the applicant must meet the credit requirements of the Participating Financial Institution and must be:
- MSMEs as defined in line with the national definition, as registered enterprises certified by the Liberia Business Registry, the Small Business Administration and other authorized entities as engaged in any formal undertaking employing from one to fifty adults; and
- Provide eligible collaterals.
The LIFT project aims to develop Liberia’s private and financial sectors, by providing long-term loans to competitively selected private financial institutions for on-lending to MSMEs, thereby fostering trade, investment, and overall economic development.
The submission of completed applications will commence from August 12, 2024, and end on 23 August 2024.
For more information, contact:
|
Afriland First Bank Liberia Limited |
Citi Trust Microfinance Company |
Liberian Enterprise Development Finance Company |
The facility is primarily intended for Liberian-owned businesses, especially women-owned or women-led businesses.
It is important to note that the LOC is a revolving fund, therefore timely repayment is required and shall be enforced to ensure continuity of the program. Additionally, the credit appraisals and decisions are solely the authority and responsibility of the participating financial institutions. The role of the CBL as the Apex Body along with the PIU is to monitor the implementation of the facility in line with the approved policy and procedures.
Signed: ________________
CBL Management