Entrepreneurs wanted
Government is pushing the idea of developing a culture of entrepreneurship in this country, so that there is an entrepreneur is every home.
Noting a goal of the Mia Mottley led administration is to tackle unemployment and underemployment in Barbados, Governor General Dame Sandra Mason said entrepreneurship is one way Government intends to achieve that.
“My Government will confront unemployment and underemployment and build a more prosperous society characterised by high skills and entrepreneurship, in which all of our people are given the tools to build wealth,
well-being and security. Existing sectors will be modernised and new economic sectors created. Our growth must be led by our people and our concept of who constitutes the private sector must change – from vendors to public owned enterprises,” she stated while delivering the Throne Speech on Tuesday morning during the official opening of the 2018-2023 term of the Parliament.
Dame Sandra told the over 200 persons gathered in the Senate Chamber and those watching outside, that Government has identified several new paths through which Barbadians can create and share capital, in order to take full advantage of income earning potential, stimulate economic activity, and boost the penetration of the Barbados Brand regionally and internationally. With that in mind, she referred to the proposed Trust Loans to be made available to small businesses.
“My Government will take a chance on ordinary Barbadians, especially those left behind by the policies of traditional financial institutions, by providing $10 million per year for each of the next five years to seed a Trust Loans Fund to give to small businesses or business owners, security-free loans of up to $5 000 each. When this loan sum is paid in full and the borrower has built a good credit profile, the business/owner will become entitled to a loan of up to $10 000,” she stated.
That, she noted, is but one of four initiatives earmarked to assist in putting entrepreneurship on the front burner. The Governor General added that the Prime Minister's Innovation Award, worth $250 000, will be presented quarterly and aims to “spark new ideas, innovations and new business”. Through those prizes, she said Barbadian innovators, particularly those without access to funding, will have the ability to create new wealth and employment opportunities as well as earn valuable foreign exchange. Additionally, she stated that there will be a Youth Innovation Award worth $150 000 in prize money, which will be open to all young people. Dame Sandra said in the event the prize is won by school students, the prize will be divided between the winning school, teacher and students.
Noting that all Barbadians have a part to play in getting the country back on track, Dame Sandra indicated that Government would be encouraging all Barbadians to promote new investments in the island. She explained that those who participate would qualify for a pre-set introduction and success fee if the investment takes off. Moreover, in the interest of transparency and anti-corruption, she explained that a promotions and promoters register will be created.
“The Government’s aim is to widen the scope for all Barbadians and to act against corrupt practices in the promotion of investments by people who may have special access to Government Ministers, Board Chairmen and senior public servants,” she added.
Dame Sandra had earlier spoken to the fact that corruption is a stain on any society, as well as a considerable drain on government revenues and the economy in general. In that vein, she maintained that Government is firm in its position not to let corruption become endemic in this country and so will put legislative arrangements in place to address it.
“As part of its zero tolerance policy, it will move swiftly to fight and punish corruption in whatever quarter it has manifested itself or continues to do so. In furtherance of that objective, my Government will immediately introduce into this Parliament comprehensive Integrity Legislation which will hold Ministers and Board Chairpersons and Deputy Chairpersons accountable for their actions; require politicians and key public officials to disclose their assets and liabilities; and provide stiff penalties for those who attempt to bribe politicians and public officials,” she said. (JRT)