An opposition lawmaker on Friday’ called for greater transparency and detailed reporting of the Barbados Trust Fund Ltd (BTFL) operations.
During a debate on the Business Barbados Bill, Senator Ryan Walters questioned whether the government-backed loan programme was “based on political patronage”.“We are not sure if this programme is based on political patronage, or if it is a genuine means of developing micro business in Barbados,” he said.
The BTFL, which provides initial loans of $5 000 to micro-enterprises and up to $10 000 for repeat applicants, has distributed 4 952 loans totalling $23 074 384.73, according to its website.
Senator Walters criticised the lack of consistent operational updates, saying the public deserved to know more about administration costs and whether businesses were successfully expanding after receiving funding.
“We have not had timely updates on the fund, we don’t know how much it cost to administer the fund, we don’t know if the fund has met its mandate with business moving from one stage to another,” he said.
The opposition senator emphasised that reporting should go beyond simply stating the number of entrepreneurs funded.
“It is not only about saying that you have funded X amount of entrepreneurs or microbusiness owners, but have you taken any micro-businesses into being small businesses and any small businesses into being medium-sized businesses,” he said.
Given the small business sector’s importance to the economy, Senator Walters insisted the fund had an obligation to provide regular progress reports on its operations and loan recipients’ outcomes.
“The country deserves an update on the Trust Loan Fund,” he concluded. (SB)
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