Stakeholders in the small and medium enterprises (SME) sector have been taking advantage of the opportunity to apply for loans and grants offered through the state-owned agency FundAccess.
So says Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, who disclosed that Government continues to look for ways to get more funding available to FundAccess, the Barbados Investment and Development Corporation and similar entities which provide financial assistance to the sector. He was speaking to The Barbados Advocate yesterday afternoon as he hosted the St. James South Annual Kite Flying and Family Picnic at the Wanstead Ridge Park. Minister Inniss said while he is relatively pleased with the uptake of the Fund, which is being managed by FundAccess in consultation with the Small Business Association of Barbados, he is also mindful that access to financing is not the only challenge facing the SME sector at this time.
“We still have several underlying issues outside of access to financing. What is clear is that many that get into business also need to ensure that they better plan the activity they want to do, or have a gut feeling will work,” he explained.
The Minister made the point while acknowledging that in that respect, there is a role for the staff of the state-owned business support organisations to play in assisting potential business owners and entrepreneurs hash out ideas, to determine if they are indeed viable. Equally, he said given the importance of the SME sector to the continued growth of the Barbados economy, there is also a need to ensure that these persons have available to them legal and financial advice on how to structure their businesses and the best way forward to develop it, so as to ensure sustainability going forward.
“Marketing is also another area where we have found that there is still some weakness and of course mentorship, working with someone who has been there and done it, is something that I and my Ministry certainly encourage,” the Small Business Development Minister added.
Inniss is of the firm belief that any mentoring efforts should not be confined to successful business persons, but also include some persons who have gotten into business and failed. The Minister contended that some of the best mentors are those who have “been through the hornpipe” and have experiences and stories that those entering business can learn from, to help avoid some of the proven pitfalls that can come with running a business. (JRT)