The Ministry of Small Business, Entrepreneurship and Commerce will continue to roll out innovative business solutions to address perennial challenges faced by businesses, entrepreneurs and consumers alike.
Small Business Minister, Dwight Sutherland emphasised this yesterday as he delivered the feature address at the start of a workshop hosted by the Barbados Manufacturers’ Association (BMA) for it clients, at Bagnall Point Gallery, Pelican Village.
The first in a series of workshops, it was titled A Guide to Costing and aimed at promoting the operational efficiency and effectiveness of the manufacturing sector while facilitating its growth during this time of economic challenge and adjustment.
Acknowledging that the “much anticipated Trust Loan Fund” was at an advanced stage, Minister Sutherland said every effort was being made to give clarity and transparency to the process.
He reminded those interested in the Fund that it would provide unsecured loans at a very minimal interest rate and said: “Roughly around 1.5 per cent and two per cent and amounts of up to $5,000.00 will be loaned to persons in the first instance. Once you repay and you have good credit terms for that first loan, you have the facility whereby you can access up to $10,000.00, thereby giving opportunity to develop new businesses, address financial constraints to business growth, and generally this will also spur economic activity in the country.”
The Minister further noted that there was also Fund Access to provide for request from $75,000 to $100,000 and opportunities to build businesses. And, workshop participants heard too, that the Ministry planned to promote the business of vending while the Ministry of Agriculture and Food Security continued to be responsible for supervising regulatory adherence to vending under the various pieces of legislation.
The Small Business Minister added that Government was on a journey to revive the economy and he urged all sectors to support the manufacturers and entrepreneurs as they undertook a seamless and symbiotic relationship with the sole purpose of promoting sustainable growth within the Barbadian economy.