Government is moving to provide greater support to micro, small and medium-sized enterprises (MSMEs) by ensuring they have the financial expertise needed to thrive.
Speaking at the closing ceremony of the inaugural FLITE (National Financial Literacy Camp) Summer Experience at the 3Ws Oval, Cave Hill Campus, Minister of Energy and Business, Senator Lisa Cummins, announced plans to assemble a consortium of financial advisors.
She explained that too many small businesses lacked basic financial systems such as management accounts or audited statements—barriers that often prevent them from accessing loans or investment.
“David Simpson has been asked, on behalf of the Ministry of Energy and Business, specifically the Business Division, to put together, in collaboration with the Institute of Chartered Accountants of Barbados and others, a consortium of financial advisors to help shepherd small businesses, startups, and growing businesses in an MSME space….
“You would be surprised at how many small business owners don’t have management accounts, have never had audited financials. When they want to go to the commercial banks and they want to come to FundAccess or to Trust Loans, they don’t have their business in order. We want to…shepherd this country and our small business community through those challenges. And under the ministry, we will be providing exactly that support to businesses. We will be guiding you through the process from start,” she indicated.
Senator Cummins stressed that her ministry was keen to give businesses, including potential entrepreneurs, the best possible chance to succeed and grow. She also lauded the Small Business Association, saying it has been doing a tremendous job over the years in supporting the small business community.
“We want to…see our nation emerge as a startup nation – the nation that has the highest number of startup small businesses anywhere in the Caribbean, and then anywhere in the world, because you have begun to lay a foundation,” she told the participants.
The minister also disclosed that by September, the financial literacy programme would reach 90 schools. Half of the 101 campers indicated they wanted to start businesses, and Senator Cummins encouraged parents to encourage their children and even provide them with the first set of money for their ventures.
She also advised the parents to help their children understand that nothing comes easy: “We live in a generation where oftentimes we think everything comes fast; it comes easy; it comes without effort. We want the rewards without putting in the work. We want the benefits without making the sacrifices. And that’s contributed in no small way to what we all get concerned about when we look at what’s happening around the country.
“Nothing is easy in this life. You’ve got to put in the work, you’ve got to make the sacrifices, you’ve got to make the effort, and your reward is oftentimes proportionate to the effort and the sacrifices that you make. It’s worth it…. Spend wisely, invest wisely, save wisely. Build friendships with people who can inspire you to grow and to do better,” Cummins added.
Themed Dream it. Design it. Do it, the camp was sponsored by Republic Bank and the Cave Shepherd Group Community Fund. Dominic King was named the Most Outstanding Male, Yhden Layne the Most Outstanding Female, and team Black Diamond won the business pitch competition, taking home prizes from Digicel. (BGIS/BT)
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