Detail for GN100
The provision of risk capital to support black business was negotiated as part of the Financial Sector Code (the “FSC”), as an alternative to section 18.104.22.168 of the previous FSC. The 2017 amended FSC recognises that the financial sector is uniquely positioned to create sustainable wealth across a broad base by leveraging the allocation of resources from savers to those needing capital for growth. The FSC allows that this can be achieved through equity equivalent programmes as contemplated in FS100, Statement 103. These equity equivalent contributions include, but are not limited to, NDP aligned initiatives, growth of black business, enterprise development, empowerment financing and access to financial services. This guidance note sets out the rules governing the provision of Black Business Growth Funding (BBGF) as allowed for in the Ownership element of the FSC.