The Institute of Private Enterprise Development Limited (IPED) announced on Wednesday, through the release of its 2023 Annual Report, that it had disbursed of a total of 4,881 loans valued at $4.3 billion, which contributed to the creation and maintenance of 8,655 jobs, a release from the company stated.
According to Chairman of the Board at IPED, Komal Samaroo, “The strategic decision to focus the company’s resources on expanding micro and small loans ($2 million to $7.5 million) and reducing the micro loan interest rate by 31% supported IPED’s growth for 2023 in its efforts to meet market demands for financing.”
The release said that IPED has placed a renewed focus on engaging micro and small entrepreneurs exclusively, serviced 4,750 small and micro enterprises, with non-performing loans reduced to $95 million. The company says that it has demonstrated financial resilience and operational efficiency, with its total operating income increasing by 12% to $952 million and operating surplus surging by 35% to $301 million.
IPED stated that strategically, it has expanded its micro- and small-loans portfolio, lowered interest rates, and enhanced support services for entrepreneurs. Further, the institution has strengthened its international presence through partnerships such as the Memorandum of Understanding with the Cuban Chamber of Commerce, aimed at providing capacity-building training to entrepreneurs
Concerning its plans for the future, IPED says it remains committed to leveraging technology for improved service delivery, with plans to implement a state-of-the-art integrated loan management system. Additionally, initiatives like the Technical Skills-based Entrepreneurship Programme reflect the company’s dedication to fostering sustainable business practices and empowering individuals with technical expertise.
IPED also reiterated its commitment to environmental sustainability with initiatives like the Green Loan Product, which contributes to climate-resilient practices in Guyana, the release added.
