Wednesday 23 January, 2019

Business loan applicants overlooking viable sectors

Persons waiting to do business with the Barbados Investment Development Corporation (BIDC) Trust Fund. (Michron Robinson photo)

Persons waiting to do business with the Barbados Investment Development Corporation (BIDC) Trust Fund. (Michron Robinson photo)

By Michron Robinson

Agriculture is at the bottom rung in popularity for business owners who have applied for loans with the Barbados Trust Fund.

And even though it is showing forth as a very viable sector in profit turnover, those entrepreneurs borrowing under the  Barbados Investment Development Cooperation (BIDC) loan fund have shown more of an interest in selling clothing.

Unit Manager with the scheme Jerry Amos gave Loop News a breakdown and it showed that 91 persons applied for loans within agriculture, while 279 applied in the service sector. However, the majority  - a whopping 332 persons - applied for the loan for retail businesses.

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Amos said that he was glad nonetheless that the Mia Mottley-led administration found an active way to spur on entrepreneurship. Speaking directly about the $5 000 loans to entrepreneurs without collateral on presentation of a viable, basic expenditure plan, he believes that persons should be encouraged to get involved in less popular areas.

“It is a good attempt to help people. They need the money to use for their business purposes.

“There should be a thrust towards people in the tourism, cultural, solar and manufacturing sectors,” he added, while hinting at the need for an increase in businesses for agriculture.

Those in media and journalism targeted businesses were also low in applicant numbers.

Amos further made a plea for people to be patient with the Barbados Trust Fund Loan staff:

“We are looking to help each of you,” he promised.

The unit manager also informed that the organization will be looking to teach courses in financial literacy in January and business development.

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