Barbados Investment & Development Corporation

Ministry committed to development of micro entrepreneurship

Thursday, 28 May 2009 12:27

The Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce is pledging their commitment of micro entrepreneurship in Barbados, recognizing that innovation is how a country develops its economy.

However, Minister David Estwick, contended that there are a number of challenges that would need to be addressed first.

One of the concerns raised was the difficulty in accessing funds for business development.   Estwick said that they are planning on streaming the Business Development Unit, which is now under the Ministry of Economic Affairs, so that it functions more efficiently in the delivery of its service.

They would also like to establish an "appropriate means test that is not onerous" so that small businesspersons would not be discouraged from coming into the centre to seek financial assistance.

Accordingly, in the spirit of developing micro enterprise in Barbados, the Ministry would reevaluate the policies and procedures of the unit.

Source: Barbados Advocate 03 March 2009