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Annual Reports

Enterprise Growth Fund Limited is committed to fostering the growth of young, dynamic Barbadian firms with superior entrepreneurial talent.

Corporate Profile

Mission Statement

Our mission is to be a catalyst for the development of a dynamic small to medium sized business sector through the provision of non-traditional financing instruments and professional expertise to businesses in the productive sectors, with strong profit making and growth potential.

Guiding Philosophy

Enterprise Growth Fund Limited is committed to fostering the growth of young, dynamic Barbadian firms with superior entrepreneurial talent.

Board of Directors

The business of Enterprise Growth Fund Limited (EGFL) is conducted under the oversight of the Board of Directors. As of March 31, 2023 EGFL’s Board of Directors was composed of the 8 members shown.

Principal Activities

On January 2, 1998 Enterprise Growth Fund Limited (EGFL) commenced operations as a limited liability company to provide venture capital, advisory services and technical assistance to its client companies in the small and medium sized enterprise (SME) sector.

Within a few years of its inception, EGFL’s core activities evolved to include fund management services to a number of dedicated, sector-specific Funds established by the Government of Barbados to provide financing to assist with the retooling of the productive sectors of the economy.

These developments have enabled EGFL to cater to a wider cross-section of businesses in fulfilling its mandate of providing developmental finance to the critical SME sector.

Chairman's Statement

With the COVID-19 pandemic and all its restrictions fading from our collective consciousness, business activity blossomed over the review period. The catalyst for the recovery was the performance of the tourism sector as long-stay arrivals during December 2022 and the January to March 2023 quarter reached 78% of comparable pre-COVID levels. Arrivals had declined to 20.0% of 2019’s total during the depths of the pandemic in 2021.

The rebound in tourist arrivals led to more certainty in the prospects for businesses operating in this island’s most important economic space and more consistent payments from our clients in the hospitality sector. Enterprise Growth Fund Limited (EGFL) helped to pave the way to recovery for the sector by providing financial support from the Barbados Employment and Sustainable Transformation (BEST) Fund and by restructuring the loans of several clients of the other tourism- focused Funds.

With the engine of the economy approaching full capacity, the focus for the country must be on attaining sustained, broad-based economic growth. Therefore, efforts to improve the operational efficiency of our regulatory agencies by digitizing and streamlining as many of their processes as possible must continue. The push to re-skill and upskill Barbadians is also laudable as the evolving workplace requires a more technologically adept worker who can thrive in the rapidly changing business environment.

The significantly reduced financing activity under the BEST Fund led to an 11.7% reduction in total revenues to $3.86 million for EGFL in 2023. However, our operations generated a surplus of $600,000 for the year under review as there was a noticeable drop in provisions for loan losses due to the improved economic prospects.

EGFL continues to achieve success in providing financing to the SME sector and has done so for the past 25 years. Our efforts in tourism, renewable energy, agriculture and manufacturing have facilitated the establishment, growth and development of many successful, locally owned businesses. At this juncture of the institution’s existence, the government has announced its intention to restructure the organisation. We fully expect that as this process unfolds, a restructured and repurposed EGFL will continue to undertake the important work of supporting the development of our vital small business sector.