Can I apply for funding as a sole trader or partnership?
No, the business must be a limited liability company incorporated or continued under the Companies Act, 1995, or designated a CARICOM enterprise under the CARICOM Enterprises Act.
How do I apply for VCEFL funding, is there a form to complete?
There is no application form, all you need is a business plan and supporting documents. List of requirements:
- Business Plan
- Company Registration documents as stipulated in the Business Plan Guideline document
- A form of identification from the company’s Principal(s)
- Financials as stipulated in the Business Plan Guideline
Details on the information you must include in the business plan can be found here. The items indicated in the guideline document provide a general idea of what is required, however each business plan is unique and may require other additional supporting documents e.g. development approvals from the various statutory bodies as required by law.
Does Venture Capital Equity Fund Ltd. (VCEFL) offer loans or grants?
No, VCEFL invests by purchasing equity shares in companies in exchange for the investment.
How do I repay the amount invested?
You have the option to repurchase your company’s shares at market value, between five to ten years after the investment is made.
Does VCEFL run my company for me?
No, VCEFL is not involved in the day to day operation of the company, however, a VCEFL representative is appointed to your company’s Board of Directors to provide the expertise of a financier, technology specialist, planner or project manager to solidify the VCEFL partnership with the entrepreneur. It is through this director’s involvement that an effective channel through which knowledge and best practices are transferred.
Do I need to provide collateral?
No, however the entrepreneur must provide some contribution to the venture bearing in mind that VCEFL cannot possess more than 50% shareholding in your company. The contribution can be in the form of assets i.e. cash, property, machinery and/or equipment.