Mottley: Financing and education opportunities on the horizon 

The Barbados Labour Party (BLP) is promising to make unsecured loans available to ordinary Barbadians through a trust loan fund.

Leader of the BLP, Mia Mottley said that fund will be capitalised with $10 million every year of their five-year term, if they secure the reins of power. She spoke to this as she said that the fund is intended to give persons the opportunity to build a credit history, so that when they do approach the commercial banks or the credit unions for financial assistance, they are not considered as much of a liability.

Mottley was addressing those gathered at Pie Corner, St. Lucy on Tuesday night for a BLP national meeting.

“The Inter-American Development Bank, the IMF and others have said that we probably have more than $500 million in tax waivers that we forego every year. Now $500 million is a lot of money. This Government spends $4.5 billion a year and earns just under $3 billion a year. If we could forego tax incentives from Bushy Park Racing Circuit, to all kinds of housing and tourism ventures… you mean to tell me that the Barbados Labour Party Government that I will lead with your help, can’t find $10 million a year to be able to offer unsecured loans to ordinary Barbadians up to five years up to $5000?” she said.
Mottley went on to tell those present at Pie Corner, St. Lucy, that once that money is paid back, persons would be given the opportunity to borrow up to $10 000 unsecured.

“When we put $10 million every year for five years that’s $50 million revolving for poor people, ordinary people, and if it so sweet you want it again then give us $100 million in that trust loan fund… We trusting you to pay back. When you go to the shop what you used to do when you didn’t have enough money? You trust. When we do meeting turns, what we doing? We trusting. What is the best name to call this loan when we believe in you and taking a chance on you? We trusting,” she said.

The BLP Leader’s comments came as she said that her Party is also committed to providing education and employment opportunities for the youth. She told those gathered that where the youth do not attend university they will have access to a slew of training opportunities.

“You heard me talk at Weymouth on Saturday about a national first jobs initiative… because there are too many young people in this country [who have] left school and after six, seven, eight years have never held down a full time job… The last thing I am going to say to you is that we are going to have to be able to give opportunities, because not everybody wants to study in university, not everybody want to train necessarily to be a tradesman; there some of you who want to do a little business,” she said.

With that in mind, Mottley said in respect of the latter, that is where a trust loan fund will become vital in helping them to secure the capital to create such enterprises. (JRT)