Small biz owners warn of barriers to growth

Small business owners are ready to expand but are being held back by limited access to capital and a lack of basic administrative support, entrepreneurs told Barbados TODAY on Wednesday.

They raised their concerns on the sidelines of the Innovation Growth Market (IGM) 200 at the Hilton Resort Barbados on Wednesday, where three business owners described banking challenges, the struggle to scale, and the urgent need for better access to capital and support services.

Digital marketing entrepreneur Sasha Archer, creative director of On Brand Global, said entrepreneurs are ready to grow but are being held back by conditions in the local financial system.

“The challenge right now is we want to scale, and in order to do so, we need to be able to hire in key positions, so talent acquisition and actually being able to have the capital to secure the talent is a big thing,” she said. “And then banking in Barbados is horrible.”

Archer revealed that limited financial access is affecting domestic and regional expansion. “There are financial constraints to run a business in this country, to even try and make connections with businesses overseas. There are too many barriers to that, and it’s actually preventing a lot of economic growth,” she said.

When asked what would make an immediate difference, Archer was frank: “I would like a capital injection of $2.5 million Barbados dollars.”

She explained that her digital marketing agency recently launched The Space by On Brand Global, a dedicated content studio where creatives can produce podcasts, photoshoots and marketing material aimed at securing regional and international exposure.

But for events and retail business owner Rhea Corbin Hart, money is not the only barrier; time is.

She told Barbados TODAY her biggest need is administrative support: “My wish list right now is an admin assistant, because I believe the admin assistant would allow me to be the creative director that I need to be and allow me to scale.”

Hart, who operates the EDbR Collective and EDbR Party Box, a group of companies that includes event décor, weddings, and event rentals, said the daily demands of running multiple operations are overwhelming.

“Being the accountant, the HR manager, the creative director, the owner, that is just so time-consuming,” she said. “Even if I got the money right away, I still wouldn’t be able to scale if I don’t have product offerings and price lists ready.”

A fitness entrepreneur, Thorn Wood, also raised issues with financial institutions locally, especially for service-based businesses.
“When it comes to lending, the field is a bit narrow,” he said. “Even getting in the room to speak to the correct persons, I find quite difficult. The persons you go to borrow from are interested in things like export and manufacturing.”

As a fitness trainer for over 15 years, Wood believes funding agencies must broaden their criteria. “We need to widen the scope of who we lend to. There are so many things that we can do that can generate revenue in terms of a brick-and-mortar business,” he said.

Wood’s business, Vibe Lifestyle and Fitness, is preparing to open its first recreational facility in January at Hayman’s Market, with plans to expand across the region.
“I’d like to scale my model across the diaspora and across the Caribbean,” he said. “When people feel better and look better, they operate better.”

All three businesses hope to get financial solutions to their challenges during the two-day IGM 200 Workshop.

(LG)