Loan Refinancing Facility
Sustainable Energy Investment Programme, Promoting Energy Efficiency and Renewable Energy in Small and Medium Enterprises, Step by step guide to accessing the Loan Refinancing Facility
Refinance Your Solar Project
The Loan Refinancing Facility supports small and medium-sized enterprises (SMEs) in Barbados that have invested in solar photovoltaic (PV) systems but are experiencing delays in connecting to the national grid. By offering refinancing at a low interest rate and no repayments until connection, this initiative helps ease financial pressure, improve cash flow, and enable businesses to transition to clean energy with confidence.
WHAT’S COVERED?
- Solar Photovoltaic (PV) Systems – Distributed-scale & solar farm systems
- Priority: Projects ≤150% of your business’s energy demand
WHO CAN APPLY?
- Small and Medium-Sized Enterprises (SMEs) with stalled solar projects
- Must meet SME criteria under the Small Business Development Act
LOAN BENEFITS
- Low Interest Rate: Only 3.75%
- Keep your assets – protect your collateral
- Free up cash flow to grow your business
- No repayments until Connection
WHY THIS MATTERS
It reduces Barbados’ reliance on fossil fuels and promotes energy independence.
ADMINISTERED BY
Fund Access
Tel: (246) 228-1366
Email: info@fundaccess.org
Enterprise Growth Fund Ltd. (EGFL)
Tel: (246) 537-5900
Email: finance@egfl.bb
Frequently Asked Questions
What is the Loan Refinancing Facility?
The Loan Refinancing Facility falls under the Energy Smart Fund and allow Businesses to refinance existing loans for Solar Photovoltaic systems which are awaiting interconnection to the grid.
Why was the Loan Refinancing Facility created?
The Loan Refinancing Facility was created to provide financial relief by offering favorable terms to Businesses which used Loan funding to invest in Solar Photovoltaic system, but are yet to be connected to the grid, and are thus not generating the expected revenue.
Who will be the recipients of the loan?
Only businesses are eligible to participate in this loan facility. All businesses operating in Barbados may apply, however, priority will be given to Small and Medium-sized Enterprises.
Which projects will be eligible for refinancing?
- Distributed-scale or offsite solar PV systems which are intended for grid connection and ready to be connected to the grid.
- Standalone and large-scale PV systems shall also be considered; however, priority will be given to projects for which the generation does not exceed 150% of the business’ peak energy demand.
- Have secured all necessary approvals from the Government Electrical Engineering Department (GEED), Planning and Development Department (if applicable), and a Generation License for grid supply.
- Only loans initiated on or after February 6, 2020, and in good financial standing will qualify.
What is the interest rate for the loan?
The interest rate for loans is 3.75%?
Which organisations are administering the facility?
The Facility will be administered by the Ministry of Energy and Business, through the Enterprise Growth Fund Limited (EGFL) and the Barbados Agency for Micro Enterprise Development (FundAccess).
How can I apply for the loan?
The copies of the application form and letter of intent template can be obtained by visiting the offices of the Enterprise Growth Fund Limited. Interested businesses may also download and complete the loan application form and the letter of intent template from the Enterprise Growth Fund Limited (EGFL) website at
https://egfl.bb/financing/renewable-energy/#1698320900278-4fb1388c-bb6f
What is the maximum amount that can be borrowed?
The maximum amount that can be borrowed is USD$1.5 Million.
Where should queries about the facility be directed?
Queries about the Facility can be submitted via email to SmartFund@barbados.gov.bb .
Will this be a permanent loan facility?
The Loan Refinancing Facility is a subset of the Energy Smart Fund which is revolving loan.