Barbados Private Sector Association Completes Study on Micro-Finance Sector in Barbados
The Barbados Private Sector Association has completed an Inter-American Development Bank (IDB) funded study titled “A Policy Framework to Incentivize the Micro Business Sector in Barbados”. The study was done on behalf of the BPSA by the late economist Mr. Lindsay Holder and coordinated by the Barbados Private Sector Trade Team (BPSTT), a Division of the BPSA.
According to Mr. Joel Richards, Trade Consultant with the BPSTT and Coordinator for the Project, “Access to finance continues to be a major issue for the business community, particularly among micro, small and medium business operators. The issue is not merely about a lack of available funds as various organisations exist at the national level that provide funding for micro, small and medium businesses. However, the process to access funds can be complicated and some of the strategies that have been created to assist micro-enterprises do not always create the conditions necessary for growth and development of the micro enterprise sector. Therefore, this study was designed with the intention of identifying and removing the impediments/obstacles facing micro entrepreneurs.”
The study proposes better information flows on the micro business sector; more coherent, coordinated and targeted policies for the sector; and the creation of an environment that makes implementation of the policies easier.
This study is also part of a wider programme of cooperation between the IDB and the BPSA with the overall objective of assisting the Barbados private sector to benefit from regional and global integration. The contribution of the IDB to the programme is valued at USD150,000.
The BPSA makes an “in-kind” contribution to the execution of the project to the tune of roughly USD75,000.
A special event will be held on Monday 18th June 2012 at 10:00 AM at the Barbados Chamber of Commerce and Industry (BCCI) Conference Room to present the results of the Study to the IDB and the Government of Barbados.
This event will be attended by representatives of the IDB’s Country Office in Barbados; the Permanent Secretary in the Ministry of Industry, Small Business & Rural Development; the Chairman and CEO of the Barbados Private Association; the Small Business Development Unit; representatives of Fund Access and the Enterprise Growth Fund Limited and other private sector representatives namely the Agricultural Society, the Chamber of Commerce & Industry, the Small Business Association, the Hotel & Tourism Association and the Manufacturers’ Association.