The Barbados Trust Fund Limited (BTFL) has disbursed more than $28m in micro-financing to more than 5 000 small entrepreneurs, creating nearly 7 000 jobs and boosting women’s participation in small business, according to figures presented in Parliament on Friday.
During the House Estimates on the Ministry of Energy and Business Development, BTFL general manager Jerry Amos provided an update on the fund, highlighting its role not only in capital distribution but also as a vehicle for sustainable employment and economic resilience.
The Trust Loan Fund was established to provide accessible financing to entrepreneurs who lack traditional collateral. Inspired by international micro-financing models, the programme seeks to transform ambitious ideas into functional enterprises by combining capital access with mandatory financial literacy training.
Minister of Business Development Kerrie Symmonds emphasised that the initiative has been instrumental in keeping micro-businesses afloat, particularly through the tumultuous period of the COVID-19 pandemic.
Acknowledging the disproportionate impact of the crisis on small businesses, the ministry implemented a supportive approach rather than a punitive one, offering debt relief and case-by-case assistance to ensure businesses could navigate the economic fallout, he said.
“We did not persecute and harangue these people,” the minister noted, explaining that the government prioritised working with business owners to help them recover. This strategy has paid off, with many entities evolving from survival mode to becoming active participants in the export trade.
According to figures provided by Amos, the fund has issued 5 761 loans totalling $28.2m. These disbursements have contributed to the creation of just under 7 000 jobs. Gender data reveal strong engagement from women, who account for 3 151 of the recipients compared to 2 610 men.
While a single loan is often issued to one owner, the nature of these micro-enterprises — such as spas, agro-processing, and manufacturing — often leads to the employment of multiple individuals, effectively multiplying the economic benefit of each disbursement, Amos said.
By enabling one business owner to purchase equipment or raw materials, the fund effectively facilitates the employment of multiple individuals, thereby amplifying the economic benefit of each individual disbursement across various communities.
With the initiative proving successful in fostering local talent, the government is now looking toward the future. A key development is the recent increase in the loan ceiling for eligible applicants, which has been raised from $10 000 to $20 000.
This adjustment is designed to support businesses that have outgrown their initial start-up phase and are now ready to scale operations, improve governance, and strengthen their financial positions.
The ministry said it intends to refine its strategy for the next phase of the Trust Fund. While formal planning is ongoing, Symmonds emphasised that the focus will remain on robust governance and financial education, ensuring that entrepreneurs are not just receiving capital, but are equipped with the skills necessary to sustain long-term growth and contribute meaningfully to the national economy.
The post Trust Fund disbursed $28.2m to micro-businesses appeared first on Barbados Today.
