The
FND is a community-based development finance institution serving
the needs and articulating the aspirations of the micro-sector.
We are dedicated to exceeding the expectations of our customers
through superior financing and development assistance services,
to increase the capacity of the people of St. Kitts and Nevis to
participate in and own viable productive enterprises.
FND History
The
PAN American Development Foundation and National Donations
made initial funding of $120,000 EC and $44,000 EC available
respectively in 1985. From these modest beginnings, the FND
has grown to the point where its loan portfolio included 338
loans valued at $3,420,617.16 EC or $1,266,895.25 US as at
December 31, 2000. Reflecting the growth in the scope and
scale of the FND’s operations, full-time employees have increased
in number from a handful in 1985 to 10 employees today.
Major milestones for the FND include relocating from
the Chamber of Commerce to its own offices on Cayon Street
in Basseterre in 1988. In 1995, construction commenced on
the FND’s own building in the Bladen Commercial Development
with assistance from the Canadian International Development
Agency (CIDA). Staff relocated in January of 1997.
As technology has evolved, the FND has kept pace. Beginning
with a 386 in 1989, the FND currently offers networked Pentium
computers for all office staff. In recognition of the importance
of a presence on the Internet, the FND developed this
website in 2001.
Over the years, the FND has been fortunate to receive
support in the form of grants, loans, equipment and training
from a wide variety of domestic and international organizations.
This support was critical to sustain operations in the early
years and now allows the FND to continue expanding the services
it offers to the residents of St. Kitts & Nevis. The FND
would like to thank all those who have contributed to the
development of small business in St. Kitts & Nevis through
their support of the FND.
Lending Operations
The
FND seeks to accomplish multiple goals through its lending operations:
To create new jobs
To protect and/or expand existing jobs
To reduce unemployment
To increase import substitution and export earnings
To generate income and living standards for low income families
To strengthen the private sector by broadening its base
Consequently, the FND’s eligibility criteria demand that any project
receiving a loan be based in St. Kitts & Nevis and be sufficiently
economically viable. Applicants come to our offices for a one-on-one
interview with a Projects Officer and to fill out our loan application
form. The Projects Officer then verifies and evaluates the application,
ultimately presenting his/her recommendation to the Executive Director.
The Credit Committee also vets loan applications for amounts exceeding
$15,000 EC.
Throughout the FND’s relationship with the client, the Projects
Officer evaluates the client’s need for technical assistance and
training. Such needs are met through the FND’s skilled staff, local
professionals, consultants and FND training programs.
Although the FND is a non-profit organization involved in
economic development, loans are not provided for free; indeed, interest
rates are priced to reflect the going market rate and the costs
incurred through operations. Consequently, the FND’s revenue
from loans has equaled or exceeded total costs for the last three
years, illustrating the stable and sustainable nature of the FND
even as it engages in the task of developing the economy of St.
Kitts & Nevis.
