Trinidad and Tobago: SMEs Have Borrowed $225 million
Tuesday, January 12, 2010
Even as Gerard Talbot-Paul, acting chairman, National Entrepreneurship Development Company (NEDCO), called for a smoother system to be put in place to foster the growth of small and medium enterprises (SMEs), he said they have borrowed $225 million in the last seven years. He said since the inception of NEDCO’s loan programme in August 2002 to 2009, it has disbursed 9,647 loans totalling $225,168,009.
“NEDCO encourages small and micro entrepreneurs to start or expand small businesses that utilise indigenous resources and native talents and skills in non- traditional areas. “These small enterprises carry the potential to contribute to value added activities in the small and medium enterprise (SME) value chain, and have high export potential as branded Caribbean heritage products,” Talbot-Paul said. He was speaking at yesterday’s launch of Small Business Month (SBM).
Rennie Dumas, Minister of Labour and Small and Micro Enterprises, said Government is aware that small and micro enterprises are experiencing challenges in their operations. “This Government has always recognised the importance of the micro and small enterprises (MSE) sector in national economic development, and has pursued a number of previous initiatives aimed at developing entrepreneurship and MSEs in T&T. “We have always considered MSEs as a viable mechanism for promoting entrepreneurial culture a viable base for employment generation as well as a primary vehicle for poverty eradication,” Dumas said.