Barbados Entrepreneurs Seek Financial Support from State-backed Lenders and Government, Reports BTFL General Manager

There has been a notable uptick in entrepreneurs seeking financial support from state-owned small business lenders Barbados Trust Fund Loans and Fund Access, as well as the government, according to Jerry Amos, BTFL general manager.

He revealed that in recent months, more entrepreneurs have been seeking start-up funding and refinancing, and suggested that the government is actively stepping in to provide essential capital and resources.

“There are different times of the year that you will find uptakes in entrepreneurs seeking loans,” he said. “Coming out of the Cricket World Cup, we were prepared for much more uptake, but we didn’t see it. But what we did see is persons that have loans already coming back for refinance loans.”

The loan programme, which initially offered a $5 000 loan to assist micro-enterprises in getting a business footing, now offers up to $10 000 for second-time applicants. When questioned about repayment trends, Amos emphasised a balanced approach aimed at ensuring business sustainability. “At this point in time [it] is satisfactory. What we are not looking to do is put people in positions where they can’t finance their business. So they’re so concentrated on trying to pay their loan, they can’t finance their business. And there is a problem because you find that some businesses struggle then and they close. Because we are trying to avoid business closures.

“So what are we doing? We’re trying to encourage people to come in, make arrangements, diversify into something different if they need to, and we will support them all the way through the journey. We do not believe in failure.”

BTFL has disbursed $22 million in loans over the last five years as it continues its mission to introduce more locally produced goods to both domestic and global markets. Amos observed distinct periods of increased loan applications from entrepreneurs throughout the year.

Highlighting a strategic shift towards encouraging local manufacturing and skills development, Amos underscored the importance of building a sustainable economic foundation. On the topic of export opportunities, Amos said: “Export Barbados is also one of our partners. So in our Manifest programme, we pass our clients from Manifest over to the Export Voyager programme where they go up the tiers into exporting. I’m proud to say that . . . two of our entrepreneurs that came over to our Manifest programme are now exporting to England.

“We are thrilled to see our entrepreneurs succeed on a global scale. The success of our clients in exporting their products is a testament to the potential and quality of local businesses.”