……$50 M allocated for 2023
The appointment of a Board of Directors at the Linden Enterprise Network (LEN) should occur soon, which is expected to pave the way for the reinstitution of loans to micro businesses operating in Region 10. This was recently relayed by Minister of Finance Dr. Ashni Singh, to the Committee of Supply. While $50 M was approved, Lindeners still cannot benefit from loans until a Board of Directors is instituted, something that regional officials have been adamant about.
LEN’s board was dissolved in 2020, subsequently after the new administration took office. The account was also frozen and loans were discontinued to pave way for a review of the institution’s sustainability. The government argued that since relaunching in 2015, the institution could not have sustained itself.
Meanwhile, while the appointment of a board remains under urgent consideration for the government, the organization’s management and staff structure remain in place. The institution continues to engage previous borrowers, facilitate the construction of low-income houses and manage other income generating port folios such as commercial office rentals.
Over the last few months however, staff members have been complaining about irregularity in payments, lack of motivation and other internal challenges which have resulted in several employees tendering their resignations. Employees are remaining hopeful that soon the system will return to normalcy which will guarantee their job stability.
Meanwhile the business community is remaining hopeful that loans will recommence as financial assistance is gravely needed to navigate the current economic situation.