Make promises a reality

The president of the Small Business Association (SBA), Dalton Medford has called for the small business community to stand together to ensure that promises made by Government are fulfilled.

 

The association’s voice was heard when in the 2016 Financial Statements and Budgetary Proposals, Minister of Finance Christopher Sinckler made the announcement that 50 million dollars will be set aside for small businesses.

 

The outgoing president stressed, while speaking at the SBA Awards Service and Reception at Radisson Aquatica Resort Barbados on Saturday night, that “We are indeed thankful for the announcement, but we must hold his feet to the fire to make sure that this comes through. We must not let it stop as a promise. …I urge you to please let us ensure that this money is put to good usage in making our businesses more competitive locally, regionally and internationally….”

 

Medford suggested, “I would like to see a business co-op. I wish to state boldly that a system must be put in place to ensure that the fund is sustainable and viable to the sector. The money will go into the co-op and lent to businesses at a favourable interest rate to encourage repayment, to replenish the co-op so that our businesses can benefit. We have all seen the success of the financial co-ops.

 

“Please do not let this opportunity pass to put the development of the sector on a financial path. This is our time to put a lasting institution in place, it can be done because we have examples before us of financial co-ops or credit unions. Do not let this be a one-off and then complain that we need financial help for SMEs again. This gives us the opportunity to remove the financing of the SME sector from government, as this has become a burden….”

 

He continued, “We must insist that we be given that 40 per cent of government goods and services, as promised. Government is the largest purchaser of goods and services and it is an important market for small businesses.

 

“I understand that the committee is still working on government procurement policy. However, that policy must be small business-friendly by removing obstacles and boosting the involvement of the sector. This is important to accompanying the $50 million. If this is done, and properly designed, it can lead to higher competition for government goods and services allowing efficiencies and leading to better value for money.”

 

According to him, “If we have a strong SME local sector, with the right incentive, it will lead to our business people having the confidence to export … Everyone must accept things have changed forever and there is no going back. Government cannot do all things. We need to play our part in the employment of our people, in earning foreign exchange and paying our taxes…” (NB)