Long Wait For Money Soon A Thing Of The Past

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From left: Assistant Director of the Exchange Control Department of the Central Bank, Ian Collymore; Deputy Permanent Secretary in the Ministry of Industry, Ruth Blackman; Prime Minister Freundel Stuart (third from right, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, NULL, NULL, 0); and Minister of Industry, Denis Kellman (right), share a light moment at the launch. (A. Miller/BGIS)

Government has launched the $15 million Trade Receivables Liquidity Facility (TRLF) to speed up payment to contractors who have completed work for government, in as little as seven working days.

Prime Minister Freundel Stuart, speaking during the launch of the TRLF in the Grande Salle, Tom Adams Financial Centre, Church Village, St. Michael, explained that the TRLF or Factoring Programme, represented a "hand up to those in the small business sector in this country and provides a platform for the growth of their companies unfettered by unnecessary cash flow problems".

He added: "This policy, therefore, presents a huge opportunity for small businesses many of which have considered themselves locked out by bureaucratic entanglements and the lack of access to information.?? Those which have been fortunate to secure contracts in the past, have also had to wait for long periods before being paid, creating serious cash flow problems for the businesses.?? This will no longer the case."??

Mr. Stuart further stated: "The position now is that Central Government agencies will have a trading relationship with the small business sector, and small businesses can enter into these trading transactions knowing that their monies, through the Trade Receivables Liquidity Facility, could be paid in as little as seven working days after the work has been certified as being completed."??????

Underscoring the importance of a vibrant small business sector to the future development of the island’s economy, the Prime Minister said these enterprises must be positioned to contribute meaningfully to job creation and to the country’s capacity and capability to earn foreign exchange.

To this end, Mr. Stuart alluded to the development of a Business Development Policy and an Industrial Policy as well as a review of the Small Business Development Act, to assist in this regard.

"I pledge my government’s continued support to the creation of an enabling environment for business.?? The emphasis will again be on ???inclusion’ as we seek to include a definition for micro business so that such business can benefit from assistance provided for through the Act," he noted.

julie.wilson@barbados.gov.bb

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