Stop milking Govt

Inniss concerned about behaviour of funding agencies

If it were entirely up to Minister of Industry Donville Inniss funding agencies established to assist micro, small and medium-sized enterprises would be weaned off Government support and left to fend for themselves.

This, Inniss believes, would help to solve the contentious issue of having to impose unnecessary taxes on the population.

He made the comments in a recent interview during which he gave an update on the special $50 million fund announced in the August 2016 Financial Statement and Budgetary Proposals, to assist micro, small and medium enterprises here.

The finances are to be transferred from the Central Bank-administered Industrial Credit Fund. Among the agencies to manage the new special $50 million fund are Fund Access and the Barbados Investment and Development Corporation (BIDC).

Using Fund Access as an example of Government-supported agencies that assist small businesses here, Inniss said it received between $2 million and $3 million of taxpayers’ funds from Government each year.

“It is better to perhaps inject a higher level of capital and allow you to pay your operation expense out of that recapitalization – out of the interest you earn and whatever fees you charge for transaction –– so that agencies like Fund Access must become more stand alone and less dependent on the state for annual financing,” Inniss said.

“I can’t say give you couple million dollars this year to lend to micro, small and medium enterprises and then next year you come back for another two or three million dollars. Where is it coming from? It is not dropping from heaven. These are out of taxes imposed, and I don’t want to see any more taxation imposed on the people of Barbados, particularly directed to such.”

Besides Fund Access, small businesses here have a number of avenues through which to access favourable loan financing or other forms of financial assistance, including some Central Bank-administered schemes, the Enterprise Growth Fund and the BIDC.

In relation to the promised special $50 million fund, Inniss said it was at an advanced stage, pointing out that he had already had the necessary meetings with the Ministry of Finance and the Central Bank.

The minister said while he appreciated getting things done quickly, he also wanted to ensure it was “done well and in a very orderly fashion”.

“We have worked on the administrative issues, compliance issues, policy issues, and now the financing part is coming in place and we will move from there.

“We are at the stage now where in another few weeks we are to finalize things and get the first tranche of between $5,000 and $10,000 transferred over to Fund Access for continuing investment,” he said.

Inniss also had a word of caution for businesses seeking to access this new financing option, saying he hoped enterprises would appreciate that the funds they would receive was “money earned off the backs of somebody else”.

“I want the money to be used to spur real investment, not just going and buying an item and putting on a markup and selling it, which is a challenge for some people, but we want to see innovation, we want to see creativity, we want to see the earning of foreign exchange, we want to see the creation of jobs.

“I don’t want monies to go towards paying somebody’s bill just like that; we want this economy to be fully stimulated. I want to see businesses that are going to start at this level and by the next generation get to the next level and go on and on. I want to see more second and third generation businesses around here,” Inniss explained.

11 Responses to Stop milking Govt

  1. Hal Austin December 22, 2016 at 3:57 am

    This has gone beyond a joke. I know the perverted sense of journalism that says if people are talking then it is a good story. The only problem is that it ignores a wider social responsibility.
    Inniss is a political buffoon. Why is Barbados Today playing him up, unless they are personal friends.
    He has nothing politically or intellectually to contribute to the progress of Barbados.

    Reply
  2. Santini More
    Santini More December 22, 2016 at 5:35 am

    So ironic! A minister from the most useless Govt administration ever, wants Bajans to stop milking the Govt. Perhaps Minister when you and your chums stop bleeding we tax payers dry, we might bother to listen to you.

    Reply
  3. Hewers of wood December 22, 2016 at 6:30 am

    Wean of the big businesses too that start to toys out of the pram when they can’t manipulate government to do what they want. And stop investing in the ones with the millions already and lying. Go look into their bank accounts.

    Reply
  4. Hewers of wood December 22, 2016 at 6:34 am

    The ones that scoffing and keeping their millions to pass down to their children who then continue to oppress our people. Dummy

    Reply
  5. Andy December 22, 2016 at 7:37 am

    Can we not appoint the minister as a temporary judge? we will certainly get a lot of cases solved in a hurry. Speak the truth even if it hurts you sometimes.

    Reply
  6. Sheron Inniss December 22, 2016 at 8:16 am

    Do the same to big businesses; stop milking the taxpayers and cut wunnah salaries. A bunch of jokers these politricksters.

    Reply
  7. Peter December 22, 2016 at 8:24 am

    The Minister is calling a spade a spade. This reminds me of the students’ revolving loans fund. Most of those graduates use the facility, earn lots of money as professionals and do not pay back their loans. Some even avoid paying taxes. They own expensive properties and drive expensive Europeaan vehicles. Many of these “small” businesses obtain loans and marketing assistance from the Ministry, and within six months, they have arrived. Drive expensive vehicles, live in huge expensive houses, boast of how they travel upper business class to Miami to purchase a suit or a dress, they don’t declare their revenue to avid paying taxes and the list goes on. Just take a look at our Ministers. They all have become big and fat. Good living. The Minister is correct but he needs to direct some attention to his fellow ministers.

    Reply
  8. Natalie Murray December 22, 2016 at 10:21 am

    Social Democracy or Neoliberalism – not sure when certain people speak.

    Reply
    • AG December 22, 2016 at 7:31 pm

      Neoliberalism. Chanelling Reagan, Thatcher and Mulroney

      Reply
  9. BaJan boy December 22, 2016 at 10:36 am

    After paying so much taxes he talks about milking a goat true BaJans should milk him. Then you have the silent PM talking about sucking DEM nipples. Boy O boy what have we come to..

    Reply
  10. Tony Webster December 22, 2016 at 10:58 am

    My take on this? Well, I once over-heard Gearbox, and Ossie Moore, having a discussion on the very same philosophical point. The discussion raged until there was no more Cockspur left ( to spur dem on, of course), and it was amicably concluded by mutual agreement , dat in such esoteric matters, there is a milkee , and a milkor, and dat the one cannot exist, widdout de uthuh one.

    Cheers…and Q.E.D.

    Reply

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