Government has provided 1,843 loans valued at $8.5 million under its Trust Loan Programme, Minister of Small Business, Entrepreneurship and Commerce Dwight Sutherland disclosed this evening.
Expressing his satisfaction with the initiative, which was announced by Prime Minister Mia Mottley in the June 11, 2018 Mini Budget, Sutherland also reported that applicants have already started to repay their loans.
“114 successful applicants have begun to repay their loans and indeed we can account for 170, 000 thus far in receipts as a result of persons who have begun to repay their loans,” said Sutherland as he reported on his ministry’s achievements before Barbados Labour Party supporters attending a rally marking the party’s first year in office.
Sutherland noted that half of the loans were distributed to females and a wide cross-section of businesses from a range of sectors including manufacturing, tourism, retail and distribution, metal work, auto body repair, beauty, word work, sign making, print shops, construction, and child care have benefitted.
“My mission is to give back life to business and to create intergenerational wealth,” he told the crowd at Carlisle Car Park.
Sutherland also reported that his ministry was able to launch three new co-operatives, including the Barbados Taxi Cooperative and the Cooperative Investment Fund that provides loans to members.