National Entrepreneurship Development Company Limited (NEDCO)
Curtis Mayers, Corporate Business Analyst
|Institution Contact Details|
|Name of Institution||National Entrepreneurship Development Company Limited (NEDCO)|
|Postal Address||38 New Street, Port of Spain|
|Country||Trinidad and Tobago|
|Contact Persons||Mr. Curtis Mayers, Corporate Business Analyst
Wendy Alexander, Research Planning & Development Officer
|Category Of Membership Application||Microfinance Provider|
|General Institutional Information|
|Current Legal Status||Incorporated with limited liability|
|Objectives||NEDCO has established itself as one of the leading service providers in the MSE sector, and has embarked on a series of initiatives designed to streamline loan operating systems, increase efficiency, improve impact of outreach services, respond directly to customers' needs, and deliver value added products and services to our clients.|
|Brief History||Operations began in August 2002. The company has since expanded with a network of 10 branches involved in development loans to micro and small enterprises. We have also established a strategic business unit - Entrepreneurial Training Institute and Incubation Centre (ETIIC) to provide training, business advisory and other support services to the sector.|
|Ownership||Fully owned by the government of Trinidad and Tobago through the Ministry of Finance.|
|Microfinance Operations||- Development loans to micro and small enterprises.
- Training and development services, including business advisory, library services and research.
- Facilitation of an Incubator Project with the Ministry of Labour and Small and Micro Enterprise Development.
|Main Funding Sources||Government subvention and loan interest|
|Main Challenges||- High level of delinquency
- Developing a culture of entrepreneurship among the traditionally disenfranchised community where a preference for informality is predominant.
- Entry of commercial banks with specialized small business loan products and services.
|Other Networks||Alliances with local universities, other training institutes, the Chamber of Commerce and the Trinidad and Tobago Manufacturers Association.|