Fund Access celebrates 20th anniversary

Minister of Small Business Development, Donville Inniss, has pointed to several markets that are in need of financing, as he hailed the success of the Barbados Agency for Micro Enterprise Development.

Addressing the agency’s 20th anniversary church service at the Sanctuary Empowerment Centre this morning, Inniss told the congregation there were several traditional and non-traditional sectors that entrepreneurs need financial assistance.

“We have found that there are some niche areas in this economy that we really need to be able to give financial assistance to including the cultural industry, the arts and craft sector, the professionals, the doctors, lawyers these are the kind of niche areas that we are very much focused on,” he stated.

The Minister noted that the agency, also known as Fund Access, has provided 2200 jobs, assisted 1800 clients and lent $56 billion dollars over the past two decades, and has also increased its loan limit to $150,000.

He assured the public of the organisation’s profitability, saying “I do not believe we will be asking tax payers anytime in the foreseeable future to put up money to be able to help Fund Access stay afloat.”

“Recently we were able, in the midst of all the economic challenges of this country, to position Fund Access in its own standalone agency, one that can earn its own way through its lending and the interest earned,” Inniss said.

2 Responses to Fund Access celebrates 20th anniversary

  1. Saga Boy February 5, 2018 at 6:35 am

    BT Are you sure it’s $56 billion? Given the maximum loan of under $150,000 and 1800 clients it has to be a lot less than $56bil. Fund Access however should be congratulated for its role in the development of entrepreneurs in Barbados. It’s has filled a niche not serviced by the banks and credit unions.

    Reply
  2. Peter Thompson February 5, 2018 at 7:52 am

    The figure “$56 billion dollars over the past two decades” is wrong. $150,000 times 1800 clients is $270 million so that is the maximum if every client got the largest possible loan.

    Reply

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