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Local banks not interested in lending to small businesses - Samuda

Published:Wednesday | July 24, 2013 | 11:06 AM

Debbie-Ann Wright, News Editor – Radio

Opposition Spokesman on Transport, Works and Housing, Karl Samuda, has stated that local banks are not interested in lending to small and micro-enterprises.

He was speaking yesterday after Minister of Industry, Investment and Commerce, Anthony Hylton, tabled a policy in parliament geared at helping Micro, Small and Medium-Sized Enterprises (MSMEs).

Hylton said the MSME and Entrepreneurship Policy represents a comprehensive approach to improving the business climate and removing the impediments to doing business.

However, Samuda urged the industry minister to ensure the policy contains practical solutions and not just fancy words.

He was particularly concerned about financing, noting that most banks are not prepared to lend to MSMEs.

Hylton said he too was concerned about financing.

He said the government was looking at ways to boost venture capital financing.


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