The Banking Sector Reminded Of Their Responsibility

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A Government Minister is less than pleased with some aspects of the commercial banking sector which have failed to invest more money into the development of the small business sector.

Minister of State in the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Patrick Todd, chided the sector for reneging on its social responsibilities during his remarks at the launch of the National Youth Forum at the Wildey Gymnasium, last Sunday.

Pointing out that he was not promoting mendicancy, he encouraged banking executives to be equitable in their efforts "to assist an emerging group of Barbadians, who can ill-afford to be disenfranchised by the very institutions within our society that our parents continue to support".

Mr. Todd underlined: "An urgent response is therefore necessary to bridge the gap between what is required by our young entrepreneurs to take them to the next level of competitiveness.?? Therefore, Government’s commitment towards the small business sector is being rolled-out on several fronts, including the provision of ready access to financing and technical assistance."

Regarding Government’s assistance to the sector, he revealed that some $625 000 had been disbursed to 118 small businesses involved in a range of activities such as marketing services and website development, under the Micro Enterprise Programme.

While pledging continued support for entrepreneurial development, the Minister urged business persons to employ innovative strategies to land the next business contract.

"…While Government will continue to create an enabling environment in which micro and small enterprises can thrive successfully, it remains your responsibility to do whatever it takes to get the next contract; to source the most cost effective and quality inputs and; to deliver the type of customer service that is second to none…." Mr. Todd added. jwilson@barbados.gov.bb

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