Micro and small businesses in for a boost

Charities in Barbados continue to benefit from the Republic Bank’s Power to Make a Difference programme (PMAD).

This evening, as the Bank launched a new phase of the programme at its Broad Street Branch, Managing Director and Chief Executive Officer (CEO) Anthony Clerk announced that Transplant Links Community, The Barbados Golf Association Junior Golf Programme, Jabez House, and Sick Kids Foundation, are among the recent beneficiaries.

Over the next five years, through parent company Republic Bank Limited, the Bank will be pumping an investment of TTD$120 million [US$17.37 million] into the programme.

Delivering remarks, Clerk noted that Republic Bank was making the investment at a time when Barbados and other Caribbean countries, and others across the world, continue to grapple with difficult social and economic challenges.

He said whether it was social, economic, or political, and also in the bank’s role as a responsible corporate entity in the commercial banking sector, leadership matters now more than ever.

“Our Power to Make a Difference programme is part of that record of exemplary leadership. Since 2003, Republic Bank Limited, our parent company, has committed to making a tangible contribution in the societies and communities in which it operates.

Power to Make a Difference to date, since formal introduction in Barbados in 2009, has contributed in excess of USD$7 million specifically to PMAD initiatives in sport, education, health, culture and the arts; while making other charitable contributions to causes and entities worthy of support. The focus continues to be on enriching lives, building strong communities and positively impacting society,” Clerk said.

The Managing Director also explained the programme has set and met some very clear objectives. These include enhancing the quality of life of disadvantaged persons, providing opportunities for young people to realize their potential in sport, education and the arts; building community spirit and togetherness; and addressing social ills by assisting vulnerable and less fortunate members of society.

From 2009 to 2013, the programme focused on enabling and supporting differently abled citizens, and later from 2014 to 2018, the focus was on promoting literacy.

With the new phase running until 2023, the focus will be on Creating Alternative Futures. “Under this new theme, we will stay true to our brand promise of building successful societies, by moving the PMAD programme towards an even more participatory method of engagement. We have again set ourselves clear objectives including: enhancing the development of persons and communities; improving the deployment of human capital; improving our national capacity; and sharing know-how.

“We intend to achieve these goals by providing opportunities for individuals and organisations and implementing projects that can help to transform their communities; and by providing viable avenues for sustainable employment to improve the overall quality of life for all,” he said.

PMAD’s four-pillar structure including the Power to Care; the Power to Learn; the Power to Help; and the Power to Succeed, will be continued across markets including Barbados.

However, Clerk noted that in the new phase, the Power to Succeed will be expanded to include support for development of the micro, small and medium-sized enterprises (MSME).

He said engagements with entrepreneurs from the MSME sector will be executed with the goal of improving and honing capacities, while providing funding for product design, development and implementation. The Managing Director said approximately 20 per cent of overall funding has been allocated for the activity.

“This new business focus will no doubt positively add to our current list of beneficiary organisations which spans areas including culture and the arts; health, education, and sports,” he said. (AH)