MIPED hits TT$75 million milestone

What began as an initial investment by BP Trinidad and Tobago (“bpTT”) of TT$7.5 million in 2001 into a micro finance programme called MIPED has evolved into a revolving loan fund which has now provided over TT$75 million in loans to the Mayaro community. This is a significant achievement for the Mayaro Initiative for Private Enterprise Development (MIPED), which was established by bpTT 15 years ago as a micro-finance lending programme in the Mayaro community to help support the start-up and growth of small businesses.

MIPED officially passed the $75 million mark in February 2016.

Giselle Thompson, bpTT Vice President Corporate Operations says, “BP invested the seed funding to help the loan program get going. The fact that MIPED’s revolving fund has grown substantially, having distributed more than $75 million in loans as of February 2016 was indeed a proud moment for us at bpTT. But this pride is not routed in the fact that the programme has grown from strength to strength but rather in the many families and residents from Mayaro whose lives have changed for the better, whose businesses are thriving and whose standard of living has improved.”

In addition to providing funding via loans, MIPED also offers training and business advice to local entrepreneurs. Each new business that MIPED supports generates employment opportunities in the area. To date, MIPED has supported hundreds of start-ups and created thousands of permanent and seasonal jobs.

Ronda Francis, bpTT Corporate Responsibility Manager said: “I think the success of the MIPED programme is the fact that we adapted the programme to suit the needs of the residents. I would say 95% of the programme’s success is based on the relationships that we have with the clients. One example for instance has been MIPED’s role in revitalizing the fishing community in Mayaro. When we started out in the community there were about 125 boats. With the help of MIPED that number has grown to over 350 boats. MIPED has enabled more people to afford a boat and now many fishermen are able to afford more than one boat. This has had a significant positive impact on the livelihoods of the fishermen. We are proud of how much the community has grown, and achieving this milestone of TT$75 million is a clear outcome of their growth.”

Rory Jitta, MIPED’s Manager remarked: “Reaching this milestone of TT$75 million is a great achievement for MIPED and our team. It gives me a great sense of pride and satisfaction to know that I have contributed to the success of these small businesses. The programme has also been successful because MIPED’s clients honour their loan responsibilities and by re-paying their loans they are making it possible for others to benefit from the programme. We also feel good knowing that we are supporting the overall economic diversification and social development of Mayaro and by extension the country”.

Notes to editors: MIPED facts

  • MIPED offers entrepreneurs in the community the opportunity to borrow money to start or grow their own businesses. The programme offers more than just financial support and helps residents with business development. Training courses are also available to help improve business acumen.
  • MIPED loans are repaid with interest so that the fund can grow and more residents can access these loans. As a result, MIPED has grown into a self-sustainable fund that can live on for future generations in Mayaro.
Further information:
Luis Araujo, bpTT: +1 868 793-3374
Elyse Guevara-Harris, bpTT: +1 868 728-4476