Crowdfunding framework to facilitate access to capital and financing

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Small, micro and medium enterprises and individual investors are set to benefit from a crowdfunding project organized by the Eastern Caribbean Securities Regulatory Commission (ECSRC) in collaboration with the Caribbean Development Bank, which will provide options and reap benefits for the countries of the East. Caribbean Currency Union (ECCU).

Speaking on this week’s episode of ECCB Connects, ECSRC Managing Director Alousia Faisal and Dev Solutions Consulting President and CEO Dr Winsome Leslie share details of the project.

According to Dr. Leslie, crowdfunding involves raising funds for one’s business from the public via the internet using a platform such as Kickstarter or Go Fund Me. She notes that anyone can participate in this program where the Money can be collected in exchange for a reward or ownership of a business through stocks or shares. She adds that this particular type of crowdfunding is geared towards acquiring equity.

Faisal underlines that following the COVID-19 pandemic, the mandate of the Commission is to ensure that a mechanism is in place so that small businesses have a platform to support their activities. She adds that the project has three major components, including policy validation, crowdfunding awareness, and platform testing.

Dr. Leslie points out that the week of September 26 is the date set for people to log on to the website and register their interest. This session is open to a number of stakeholders, including but not limited to entrepreneurs, investors, investment advisers and government institutions. Dr. Leslie notes that this project, which runs from September 2022 to June 2023, will potentially be a game-changer for the ECCU region.

To see the full discussion, connect to the ECCB YouTube channel and Facebook page: ECCB Connects.

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