MIPED marks $150 million milestone

The Mayaro Initiative for Private Enterprise Development (MIPED) recently celebrated a major milestone with the disbursement of $150 million in loans to entrepreneurs spread across south-eastern Trinidad since inception.

MIPED is a pioneering micro-credit facility introduced in 2002 by energy company bp Trinidad and Tobago (bpTT) to boost entrepreneurship and employment in Mayaro and environs. With an initial injection of US$1.2m (TT$8m) by bpTT, the facility achieved TT$150m in loans disbursement in the first quarter of 2025, benefitting thousands of persons across the community. 

Giving a firsthand account of the impact that MIPED has had was Kernaham-based farmer, Annette Tewarie, who manages a diversified agribusiness alongside her husband and three children. She recalled that it was another farmer who had recommended that she access a loan from MIPED, and 11 years after qualifying for her first loan, she is still doing business with them.

“All I can say is that MIPED has really helped us, especially during the hard times. It is a fact that they have helped many farmers across this community to achieve stability and success and with that, a better quality of life. The staff are very knowledgeable and patient, and they work step-by-step with us to achieve our goals. To say it in brief, MIPED sees our successes as their successes, and they are simply and truly good people doing a great job for this community. I see their achievement of $150 million in loans as 150 million reasons why they have made Mayaro a better place,” Tewarie remarked.

MIPED was born out of a series of consultations with individuals and community organisations across Mayaro and Guayaguayare in the early 2000s, when the reported unemployment rate in the region was above 40 percent, with residents facing socioeconomic challenges. 

To help alleviate this situation, bpTT established the loan facility to help unlock the entrepreneurial potential and dynamism of the community. MIPED is governed by a professional board of directors and manages a revolving fund to provide loans for business enterprise within the community using a relationship-based approach. Over the years they have facilitated micro- and small-business loans to individuals who were not able to easily access commercial loans.

Ryan Chaitram, Manager, Communications and External Affairs, bpTT, and a MIPED director, proudly explained that the MIPED concept represents the shared and ongoing success of a journey undertaken between bpTT and the wider community of Mayaro. He added that the success of MIPED resulted in a similar programme being implemented in the community of Point Fortin by another energy sector operator.

According to Chaitram, “This achievement of $150 million in loans isn’t just a financial statistic – it represents the power of partnership and a major milestone on the ongoing growth and development of this community. MIPED isn’t just providing finance, MIPED is empowering people and changing lives. It is an economic tool that has helped to unlock the enormous human capital potential of this region. As we recognise this momentous achievement, we also look forward to establishing more records that will stand in tribute to the ingenuity and tenacity of the people, who are the real energy resource of south-eastern Trinidad.” 

Evidence of the success of the business model of MIPED is gauged by the fact that 96 per cent of borrowers have satisfactorily repaid their loans. This fact is made even more significant in noting that since inception, MIPED has dispersed over 7,000 loans to assist businesses in the broad categories of fishing, agriculture, food, services, retail/distribution, vehicles and tourism. This has also resulted in the creation of thousands of full-time and part-time jobs; expanding the impact of the programme.

As a son of the soil, and long-standing activist for the development of the region, bpTT’s community liaison coordinator, Matthew Pierre, recalled that MIPED was born out of a period of adversity, conflict and contention: “Coming out of that period of discord was lasting development - MIPED has enabled widespread progress, financial empowerment, and entrepreneurial dynamism that has improved the quality of lives of hundreds of families and individuals.” 

In marking the achievement of $150 million in loans, Ryan Chaitram took time to reward the efforts of the entire MIPED staff including manager, Rory Jitta, as well as Naomi Guy and Pauline James-Williams, who have been with the organisation since inception.

In summarising the milestone, Jitta explained, “MIPED’s success can be attributed to multiple factors: continuous support from bpTT, a competent and experienced board of directors, diligent and empathic staff, and a community of vibrant entrepreneurs who made this achievement possible. Our success is also due to the fact that we adapted to the evolving needs of our clientele. This was aptly demonstrated during the pandemic where we pivoted to cater to the varying socioeconomic realities of our clients.”

Jitta added, “My team and I are all from this community, and that makes this achievement even more meaningful. We are proud of the fact that we played our part in assisting in the increasing employment opportunities and growing wealth, which in turn contributes to an improvement in the standard of living across this beautiful and vibrant community we call home.”