It was a festive mood as the Board of Directors joined with the staff of the Mayaro Initiative for Private Enterprise Development (MIPED) in celebrating a decade of success in a function hosted by bpTT at the Hilton Trinidad and Conference Centre last week.
Started by bpTT in 2002 with a seed fund of $7 million, the aim of the organisation was to facilitate and expand the development of small business entrepreneurs and contribute to the development of the Mayaro community by providing a combination of financial and technical support to the interested persons.
Norman Christie, regional president of bpTT was quoted in a news release as saying: "MIPED has lent over $45 million and through the businesses established, over 2,000 permanent and 4,000 temporary jobs have been created. In July 2012 the organisation made a benchmark accomplishment with 60 loans amounting to over TT$1 million."
MIPED is the first micro-finance lending organisation sponsored by a private non-financial company, in T&T. Led by chairman, Asraph Ali, it has become an integral part of the economic and social landscape of Mayaro.
The organisation has facilitated loans to people from communities across the south eastern region including Rio Claro, Manzanilla, Kernahan, Ortoire and Guayaguayare.
It is specifically targeted toward individuals who do not meet the average lending criteria for a commercial bank. Manager, Rachael Hosein said, "Our mission is to develop Mayaro and environs into a model community, creating self sustaining employment, improving training and business opportunities to help build self esteem and improve the quality of life.
"We have been able to do well and it feels good to celebrate our accomplishments thus far. But the job is never done and we look forward to even greater success as we continue our mission to help Mayaro achieve its full potential."