ABOUT US

Caribbean Financial Services Corporation (CFSC) is located in and operates out of Barbados and provides the Caricom English speaking community with developmental finance in the form of medium and long term loans accompanied where appropriate by equity investments for start-ups and expansions. As a financial intermediary, the Corporation sources funds from local & international institutions and acts as a catalyst in attracting co-financing from other institutions.

CFSC also operates as the Fund Manager for operations of the Barbados Investment Fund (BIF) - a joint undertaking with the Central Bank of Barbados - capitalized at US$6.5 million. As a licensed broker with a seat on the Barbados Securities Exchange, CFSC offers brokerage services to institutional & retail investors and acts as an issuing agent for companies offering shares to the public.

CFSC is a limited liability company incorporated in 1984 under a special Act of Parliament in Barbados. CFSC's shareholders comprise in approximately equal proportions, business enterprises located in the English speaking Caribbean, Multi-national corporations operating in the region (commercial banks) as well as International multilateral and regional financial institutions (CDC, IFC, DEG, CDB).

CFSC has always been a profitable SME finance company from its inception. Over the last 5 years, prior to 2002, CFSC has been able to generate an average net profit of US$300,000 annually.

Since the commencement of operations in 1984, the Company has provided loans and equity from its own account and as manager of third party funds. As at March 31st 2003, CFSC has approved US$83 million in project finance to 253 transactions - (57% project start ups) and US$9 million has been via equity or equity type investments in the OECS and Barbados. These projects have generated cumulative foreign exchange earnings of - US$86.6m and 5,873 jobs have been created/maintained throughout the region. Of these jobs created, approximately 1,534 are new/direct long-term jobs and 4,339 maintained/indirect, as a result of CFSC's involvement.

The following tables give an outline of the geographical and business diversification of CFSC since its establishment:-

CFSC has been in the business of equity investing for its own account (using EIB funds) since 1989 and as a venture capital Fund Manager for the Barbados Investment Fund since 1992.

CFSC has an operational infrastructure in the OECS, Barbados, Trinidad & Tobago and Guyana. Incorporated in 1984 as a private limited liability company under the Caribbean Financial Services Corporation Act 1984 of Barbados, the organisation is empowered to carry on the business of banking, including off-shore banking. However it may not accept deposits from the general public of Barbados.

CFSC's core business areas are loan and equity investments to commercially viable, export oriented, employment generating projects in the private sectors of the Caribbean including the Organisation of Eastern Caribbean States (OECS), Trinidad and Tobago, Guyana, Belize and Barbados. In fulfilling this objective, CFSC's clients have tended to be small and medium-sized emerging, start-up and expansion projects that have benefited from cash flow lending. CFSC remains the key regional financial organisation that provides loan and/or equity financing for such businesses.

Over the years CFSC has played a significant role in developing Small to Medium Size businesses throughout the Caribbean. It can be said that for these businesses CFSC has the broadest regional scope of any of the other players in this sector of the market.