Owner of Auntie Phyllis Bajan BBQ Sauce, Wayne Ifill.
Micro and small businesses need more support
One small business owner would like for greater support to be given to persons who operate micro and small businesses in Barbados.
This comes from owner of Owner of Auntie Phyllis Bajan BBQ Sauce, Wayne Ifill who spoke to The Barbados Advocate during a recent interview. He highlighted some of the challenges entrepreneurs face during start-up.
“I would like for small businesses [and] the development of them, there is more interest that would be paid to micro-small business because people only recognise you after you have reached a certain stage and that is at the stage when you do not need the help but when you are at the micro-stage, that is when you need the help and that is when you hardly can get the help.”
Ifill stated he was glad to see the initiatives Minister Dwight Sutherland, who was previously at the helm of the Small Business, Entrepreneurship and Commerce Ministry, came up with to aid persons who have micro businesses. He stated, “Even though the help is limited, it is still help and you can then start to progress, if not everything is out of your pocket.”
Ifill said he wants even more support coming from government entities and financial establishments because many hurdles that would deter an entrepreneur present themselves in that early incubation period.
“You have the BIDC that will offer you advice and streamline and guide you in terms of making your product export ready but to make it export ready you need money. Banks, financial institutions will lend you money but the red tape to get the money then you don’t get it because they ask you for a business plan, you will present a plan but the plan is only as good as the person who is sitting down looking at it. If they believe it is beneficial for them, they will help you and that is also limited. If they believe that for them it is a no go, that is it. They are not going to help you.”(MG)