CariCRIS to assess small business risk in Trinidad and Tobago
PORT OF SPAIN, Trinidad and Tobago, Thursday, August 9, 2012 – Trinidad and Tobago officials are harnessing the expertise of the Caribbean Information and Credit Rating Services Limited (CariCRIS) to develop a flexible medium-small enterprise credit risk rating methodology.
The National Entrepreneurship Development Company Limited (NEDCO) has engaged the specialist services of the region’s only credit rating agency to perform independent comprehensive risk assessment and performance gradings of micro and small enterprise incubator programme trainees under the National Integrated Business Incubator System (IBIS).
IBIS, which is being facilitated by NEDCO on behalf of the Ministry of Labour and Small and Micro Enterprise Development, is a world class business incubation system based on global small country best practice. Its operations are intended to integrate and align the activities of key stakeholders from the public, private and Non-Governmental Organisation sectors to accelerate diversification of the local economy while building sustainable value added services and developing exports.
IBIS aims to equip individuals at the community level with technical and business skills, while improving their access to financial and other resources to enable development of the Micro and Small Enterprises from the Business Investment Proposal stage, to the establishment of the business, leading to actual operation.
CariCRIS, working in collaboration with the Programme Manager, Ministry of Labour and Small and Micro Enterprise Development, will develop the credit risk rating methodology, conduct risk ratings for selected Incubator trainees, and provide detailed assessments reports on the selected Incubator trainees.
Wayne Dass, CariCRIS’ CEO, said that his organisation was delighted to partner with NEDCO and the Ministry in developing the micro and small enterprise sector, this being the engine of growth of our economy and an important driver of meaningful diversification. He said CariCRIS’ role in the project is derived from its independence as an institution and its expert credit risk analysis skills, and that the partnership with NEDCO illustrates the importance of a regional rating agency that is able to adapt itself to meet the unique business and capital market developmental needs of the Caribbean region.