The Tobago House of Assembly (THA) has spent close half-a-billion dollars over the past 13 years to stimulate and nurture business development on the island, says Chief Secretary Orville London.
He said enterprise fostering initiatives such as the Business Development Loan Programme established in 2003, the Department of Advance Training and Advisory Services (DATAS) and its venture capital company, ensure that Tobagonians were not bereft of opportunities to create wealth and stimulate the economy.
Speaking at the Tobago Economic and Business Outlook Conference hosted by the Division for Finance and Enterprise Development at the Magdalena Grand and Beach Resort, London said: “We provide loans, and grants, as well as business advisory services to Tobagonians wishing to start new businesses and to expand existing enterprises.
“Since the inception of the Business Development Loan Programme in 2003, loans totaling $27.1 million have been disbursed to 262 Tobagonians to facilitate entrepreneurial activities. In respect to the grant programme, since its introduction in 2011, grants totaling $11.8 million have been disbursed to 688 Tobagonians. Interestingly, quite a significant amount of the recipients of the grants have been women and young people.”
London said a critical advantage of the programmes is that, areas like agriculture and fishing which traditionally have been viewed by commercial banks as too risky, also get financial support.
He said two multi-purpose units (MPUs) are being constructed the Cove Eco-Industrial and Business Park to provide space for small and micro agro-processing enterprises. In addition, through the Venture Capital Company the THA provided support to non-traditional enterprise ventures.
“Only recently, through the Venture Capital Company, the executive council approved $1.9 million to assist the Pork International Group (PIG), a local company in the food processing industry, to expand their business operations,” he said.
London said: “The next critical pillar in our overall economic diversification thrust relates to our continuing efforts to encourage more persons in Tobago to become entrepreneurial and get involved in business.
“As an Assembly, we will continue to provide the enabling environment for much more persons in Tobago to get involved in entrepreneurial activities.”