FundAccess’ response to caller submission on Vob 92.9 FM “Down To Brass Tacks” – June 21, 2019.
The Barbados Agency for Micro Enterprise Development Ltd. (FundAccess) strongly rejects and refutes as categorically erroneous and ill-informed the statements made about the company on the radio programme, “Down to Brass Tacks”, on June 21, 2019.
During the programme aired on VOB 92.9FM of the Starcom Network Inc. a caller submitted, inter alia: that FundAccess has loaned millions of dollars to white people in Barbados, including loans of $2, $3 and $4/$5 million to individual borrowers, while at the same time the agency is refusing to assist Black business owners.
The caller also stated that the recipients of these loans have defaulted and that FundAccess is asking the government to write-off the debts.
“FundAccess is in full possession of the actual facts regarding its operations and is privileged to inform the public of Barbados that since its inception in January 1998 and up to June 2019 FundAccess has approved loans totalling $64,170,895 to 1,585 clients. Of these 743 were new businesses and 842 were expansions of existing businesses. Also approved during this period were 138 additional loans and 266 refinanced loans. In addition, 2,392 job opportunities were created,” said Mr. David Simpson, Chairman of the Board of Directors of FundAccess.
“While our mission to support and strengthen micro and small businesses by fostering sustainable enterprise development through access to credit, enterprise training, technical assistance and other professional development services does not commit us to service any individual based on considerations of race, religion, gender, etc. we are prepared to state factually that less than 1% of our client portfolio may be considered as Caucasian.”
Prior to April 2017, clients of FundAccess could borrow up to $100,000 having met the loan requirements in place at that time.
In April 2017, FundAccess unveiled an innovative suite of finance packages for micro, small and medium enterprises in which one product, the Business Escalator, provides loans of up to a maximum of $150,000 for businesses operating in Agriculture, Manufacturing, Construction and Tourism.
The amount of $150,000 is, in fact, the maximum amount an individual is able to borrow from FundAccess.
“The vision of FundAccess is to be the premier lender for micro and small businesses in Barbados, with emphasis on trust, sustainability and growth. As such, our policy is now and always has been to be creative and adaptive in working with our clients to achieve full repayment of loans. We are pleased to acknowledge that despite the challenges our clients may experience from time to time, our repayment rate is in excess of 80% and we have not now nor have we ever made a submission to government for the write-off of loans due to non-repayment,” said Mr. Simpson.
Since 1998, FundAccess has been at the forefront of efforts to bring real, practical business assistance and support to the many persons seeking to get their business ideas off the ground.
The company provides loan financing, enterprise training and business development services to startups and expanding entrepreneurs in Agriculture, Retail & Distribution, Manufacturing, Services & Trade, Tourism, S.T.E.M, Creative Industries, Renewable Energy and ICT. Loan amounts range from $1,000 to $150,000, with interest rates starting at 6% per annum and repayment periods of up to 15 years depending on the nature of the business.
For more information visit www.fundaccess.org.