The International Finance Corporation (IFC), a member of the World Bank Group; IBM, a multinational computer corporation based in the United States; and Republic Bank Ltd., a commercial bank in the Caribbean, recently launched a free, online platform that aims to help small and medium-sized enterprises (SMEs) improve their performance. The platform, called SME Toolkit Caribbean, was customized by Republic Bank to meet needs specific to SMEs in the Caribbean region, such as providing information about Caribbean markets.
The software provides SMEs with free online access to business forms, tools, how to articles, free software, and advice about accessing markets. The platform also features online forums and conferences with the aim of increasing interaction among SMEs. Republic Bank first launched SME Toolkit Caribbean in its home market of Trinidad and Tobago in July 2009, and over 25,000 Caribbean SMEs have so far accessed the system [1].
About the International Finance Corporation (IFC)
The International Finance Corporation (IFC) is a member of the World Bank Group, created to support financial private sector development, mobilize private capital and provide advisory and risk mitigation services to businesses and services. It uses loan and debt securities, equity investments and guarantees as instruments of poverty alleviation. It invests in financial institutions in emerging markets as well as provides technical assistance. IFC has 182 member countries that collectively determine its policies and approve investments. In 2009, IFC made new investments in developing countries that reached a total of USD 14.5 billion.
About Republic Bank Ltd.
Republic Bank Ltd. is a commercial bank that operates across the Caribbean. Founded in Trinidad and Tobago in 1837, the organization provides financial services to individual, commercial, and corporate clients. Republic Bank’s “Power to Make a Difference” program aims to alleviate poverty through education and entrepreneurship. Republic Bank hosts the SME Toolkit Caribbean software platform on its servers. The program provides free advice and consultation to over 25,000 small and medium-sized enterprises across the Caribbean. As of September 30, 2009, Republic Bank Ltd. has TTD 42 billion (the equivalent of USD 7 billion) in total assets.
By Eric McKay, Research Assistant
Bibliography
[1] “Republic Bank, IBM, and IFC Promote Guyana’s Small and Medium Enterprises Competitiveness”, IFC Press Release, March 4, 2010, http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/2AFE54C92013FEB8852576DC00753A3F?OpenDocument
Additional Links
SME ToolKit Caribbean Homepage: http://caribbean.smetoolkit.org/caribbean/en
MicroCapital Universe: International Finance Corporation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe: Republic Bank Ltd.: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Republic+Bank+Ltd.
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