Government pushing entrepreneurship
Minister of Youth and Community Empowerment Adrian Forde is assuring young entrepreneurs that Government will do everything possible to give them the platform needed to showcase their creativity and talent.
His comments came during the launch of Global Entrepreneurship Week (GEW) 2018, which is aimed at inspiring people everywhere – through local, national and global activities – to explore their potential as self-starters and innovators.
Forde highlighted the recently launched “Trust Loans”, which will provide $10 million per year for each of the next five years to seed a Trust Loans Fund, to assist existing small businesses or potential small business start-ups in assessing security-free loans of up to $5 000 each.
“The revolving nature of these loans encourages successful recipients to abide by the repayment requirements, which in turn will continually permit the fund to be replenished so other entrepreneurs can benefit and prudent borrowers can reapply for additional financing.”
According to the Minister, increased entrepreneurial activity will go a long way in building more entrepreneurial citizens and excite young people about getting involved in business, in a borderless world where the technology opens new opportunities that were unavailable to previous generations.
“In addition, initiatives are geared towards the encouragement of an entrepreneur in every Barbadian household, so as to maximise income earning potential, stimulate economic activity and increase the penetration of the Barbados brand into the Caribbean and international markets,” he said.
Forde also emphasised that the Prime Minister’s Innovation Award worth $250,000 and the Youth Innovation Award worth $150,000 of prize money are intended to spark new ideas, innovations and new business, leading to the generation of new wealth, jobs and bringing foreign exchange into the economy.
Moreover, Minister Forde lauded the efforts of Barbados Youth Business Trust (BYBT) the host of GEW activities from November 12th to 19th, under the theme “Building a Productive Economy through Resilient Entrepreneurs”.
“I am confident that this year’s activities will be equally well presented and inspiring. In addition, I anticipate with great optimism, that entrepreneurs in Barbados, along with their counterparts from across the world, will join in unison to celebrate youth entrepreneurship, as we highlight and focus on the key factors underpinning the growth and viability of enterprises,” he added. (TL)