As the first micro-finance lending organisation sponsored by a private non-financial company in Trinidad and Tobago, MIPED has dispersed over 2,000 loans for Mayaro residents since 2001, creating over 6,000 new jobs in the area.
Many of the Mayaro residents lacked the means to become financially independent and were unsuitable for loans from other financial or lending institutions. MIPED therefore began providing loans for residents in the area based on project viability, which require regular loan payments at small interest rates.
One of the major success stories of a business-community partnership, MIPED became a self-sustaining entity after only 6 years requiring no further input from bpTT since its initial US$1.2 million seed investment.
By 2009, MIPED had even tripled this initial investment to a remarkable sum of US$3.8 million.
Since inception, MIPED has dispersed over TT$41 million loans to the Mayaro community.
MIPED is governed by a Board of Directors comprised of representatives of the business community, the Mayaro community and bpTT, MIPED has two main loan facilities.
HOPE (Helping Our People Prosper Economically), which provides micro loans of less than TT$2,000; PROfED (Programme for Enterprise Development) provides loans up to TT$100,000, and residents are enabled to engage in a number of business activities, from agriculture to retail services. MIPED is the go-to organisation in the area for financial support of any kind. The residents continually praise MIPED’s fast and easy process for loan provision, which has significantly helped to improve the standard of living for many residents in the area.
MIPED is not just a lending agency, but also a developmental organisation. Officers go out into the fields and meet the clients, to assist them in finding solutions to the business challenges. Clients are also encouraged to attend training courses to improve skills and business acumen in areas such as Accounting, Business Management, and Agricultural, Fishing and Technical programmes. MIPED also hosts motivational sessions for its clients and even organises an annual family day, further fostering the community spirit in Mayaro.