Five local entrepreneurs were the first to receive loans from the government’s Entrepreneurial Development Fund (EDF).
The fund, which was launched by Prime Minister, Gaston Browne in May, is aimed at assisting young Antiguans And Barbudans with start-up capital for varying business plans.
Recipients,Winston Ainsworth, Jean Piere Bloodman, Joanne Eastman-George, Akeem Edwards and Kanter Rawlins were presented with checks at the Prime Minister’s office this week.
The fund began with a total of 12 million dollars.
“Very shortly we’re expected to move to about 27 million. Global ports should be contributing about 13.5 million dollars”, the Prime Minister said.
“We’re now in discussion with others to include Royal Caribbean to also make a sizeable contribution to increase this fund”.
The fund will also receive periodic cash injections from a telecommunications tax that was introduced to fund the initiative.
“Continue to develop yourselves. Those of you… who do not have a degree or any formal training, you may want to at least commit yourselves to improving your level of training especially the specialty that’s associated with your business”, Prime Minister Browne advised the recipients.
The loan program aims to make capital more accessible by eliminating a significant amount of the normal bureaucratic procedures associated with financial institutions.
Interest rates are reportedly set at about 2% per annum.
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Did those young people who appeared on Observer Radio got any of those funds?
Ask JANICE. She would know about all that and more when it comes to stealing and forging receipts.
@Hypocrisy:Hypocrite.
I am not of your ilk.We do not march in the same parade.There were two young Antiguans already in business.They were trying to expand their business and were turned down by the EDF.So I am asking if those in that picture above included those two young folks.Why would I ask Janice?I do not steal.I have never been arrested.I have never been to jail and or prison of any kind.My only run ins with law enforcers.I speed down the Highways and get tickets for speeding.And I always paid them.
We must have an even playing field in everything at all times, man politics is in everything that we do and say, I just want every one to live in harmony and politics just keep dividing us, greed and power is overtaking this country
Great news this is what you call transparency.
Eagerly awaits the second batch counting the millions.
Congrats to all and great initiative by the ABLP administration.
I would like to congratulate these five entrepreneurs and wish them all prosperity in their endeavors. Business is hard, things do not always work out as you had plan but stay the course and adjust your business plan as you go along. Believe in yourself and of course in the God above, who makes all things work for good for those who love and trust him.
Educate yourself how to run a business and especially handle your finance. And keep proper books and records. Cause your accounts will speak to you when done properly. As the saying goes, figures do not lie. You have been given an opportunity of your life so make good use of it.
God Bless.
Mr. Prime Minister. Not every start-up business can take a debt financing. And if there is a debt financing it should be on very favorable terms. Something like what the government gets in loan terms from China or Venezuela. Repayment of loans should have a moratorium of perhaps two years on the principle. The business needs that period to settle and stabilize. Most start-up business fail in the first years. The stats are their for the PM to see. And the reason is they do not have the finance to go through the first and second year of establishment. Usually after this period people get accustomed to the business and would visit them more frequently. Customers do not like to go into a business that one can see from the outside that it is failing. And I would want to appeal to my Antiguan and Barbudan brothers and sisters from African decent to support your own. We seem to be the only race in the world that have an issue with supporting our own. All other races do this naturally.
I ask the PM once to again to look at Equity Investment when ever possible. t takes the strain of the financial obligation and by doing so the government can have some control of the company. Support it with the necessary technical assistance it needs. Whether it is Accounting, Marketing or any other field. And can have seats at the board. Which is very important. As the board sets policy for management to follow. if the company become a profitable venture the government may chose to sell the share back to the original shareholder. But let us not make the mistake Barbados did with the Gems of Barbados Hotels
https://barbadosfreepress.wordpress.com/tag/gems-of-barbados-hotels/
Learn from the mistakes of others.
Another photo Ops, all that was missing was the red ALP T-Shirt and the can-cup of red koolaid. Wait these businesses don’t have a name or location so I can support. Top Dawg what happen to your S H A R E INC? Did the ten women ever got their monies to do the hotel or small business?You can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time.
No comment from you under the article about Janice “Sticky Fingers” ?? A she addy real Tap Darg!!! Murdah me belly lol lol lol
@ Melchisedec
The initiative is a good one on the surface but the implementation is flawed and anything but transparent.
The fact that the Prime minister launched the fund and named it after his office or himself is in itself problematic in that it has a political bent in that one has to go through him personally to be approved.
It is taxpayers money from the consolidated fund so it should be administered by a government department or institution like ABIA and not by any one person that holds political power.
There is also the PM scholarship fund which follows the same political model where you have to go and see a government official to be approved. This reeks of political favoritism because we the public do not know the criteria on which these applicants were selected.
Just imagine if we had a huge population like Jamaica or Trinidad and each applicant for a business loan, scholarship or duty free had to interview with the PM how ineffective it would be.
Strong institutions develop nations not strong personalities.
We need to abandon this ‘go see your minister’ culture if we are to develop beyond a banana republic and create institutions to execute these policies so that when the party is voted out the initiative does not die with it.
Boss its because you don’t do your own research why you continue to allow your bias to make you a fool. The 2006 ABIA act makes clear (sec 16):
(4) Subject to subsection (5) the Board shall consider an
application and shall approve or reject it within one calendar
month of its receipt by the Authority and, if the application is
approved, shall make such recommendations to the Minister
in relation to the grant of incentives or concessions as it
considers appropriate.
If you read section 18 you will see similar statements re minister
”
(2) The Minister shall specify the incentives and concessions
to which the holder of the certificate shall be entitled.
”
What this government has done differently is make it cabinet. The recommendation now goes to a group instead of one person. This is done really to ensure proper oversight.
Boss don’t you tire of always getting it wrong? I know and I have told you that I am tired of having to correct your ignorant statements. The 2006 investment authority act makes clear
(sec 16):
(4) Subject to subsection (5) the Board shall consider an
application and shall approve or reject it within one calendar
month of its receipt by the Authority and, if the application is
approved, shall make such recommendations to the Minister
in relation to the grant of incentives or concessions as it
considers appropriate.
If you read section 18 you will see similar statements re minister
”
(2) The Minister shall specify the incentives and concessions
to which the holder of the certificate shall be entitled.
”
What this current government has done differently with the EDF is make it cabinet and not just minister. Turns out many did not realize the minister was the final arbiter with the IA act. The recommendation now goes to a group instead of one person. This is done really to ensure proper oversight
.
Please do not think for once that they didn’t know better. They are just doing what they want to do. And that is to mislead the people and spread lies. If you do not correct them and expose them their lies will become facts for some people. And that is what they are hoping. Reason why the PM had to introduce a radio station where he could go on and tell it as it is. And anyone can call in and question him. On anything. But you will never see any of them calling the station to put questions to the PM
Mr. Knight you should be the last Person to talk. You DO NOT embrace progress. Where you Guys should direct your energy you DO NOT. You DO NOT support young Antiguans small BUSINESS ? Let’s talk about You on the Snakepit with Janice and Serpent calling Persons corrupt when at the same time a CORRUPT Person by the name of Janice Samuel was stealing monies. Janice according to the newspaper was convicted five times for similar crimes. I read that She also went to Jail for 18 months. How can you have someone on the radio with this reputation ? How can ANYONE take the OBSERVER RADIO serious ? I also read on Facebook that Serpent is a LIABILITY to Observer Radio. Try your best and let reputable Persons criticize others. Hope this is a wakeup call.
Johnny Harris guess you never heard of the Pointe FM radio host from booby alley that still has a show on Gaston Top Dawg radio station ” We are the ones” or the boy Freeland who host a sport show on ABS TV. I guess once you are a Labour party thief you get rewarded, have a read of the articles below. Thief a Thief
https://antiguanewsroom.com/economist-petra-williams-to-be-sentenced-for-obtaining-money-by-false-pretenses/
https://antiguanewsroom.com/economist-petra-williams-fine-10k-for-obtaining-money-by-false-pretenses/
https://antiguaobserver.com/auction-scandal-cover-up/
Since when is Petra a labour party supporter. Isn’t Winston Williams her brother. And was he not a UPP minster involve in the fencing scandal. So how now she become labour party. When she appeared many times on the Observer Radio as an economist.
The only reason she is on Pointe FM is because she comes from the community and is a community activist.
What else do you expect from a “man” who claim say an Antigua and Barbuda passport is of no value to him because he has a USA passport???
Mr. Donut Ace is a nice cup of hot chocolate. Good luck and wishes of success to him and the others
I wonder if the PM would sign off on a $3 million loan for me?. The annual repayment of $60 thousand is comfortably achievable with a short term forecasted project turnover of $1.2 million annually and a long-term research and development project that has the potential to turn over $50 million annually once implemented. Come come MR Browne, sign on the dotted line.
Good initiative, and God bless the Pm for coming up with such,however i think the purpose of the program in the first place was to assist people in either starting up or expanding a business,because of the reality that the ordinary man cant obtain loans for starting a business.I thought this would assist the more ordinary man or woman,but my husband went in to get an application form and Wow,to say the least,the application forms are not very poor people friendly.Most people who is looking to start up a small business is doing so for one reason ,to earn some added income or maybe their only income,so when you look at an application that asking you all your life details you feel like you have already been turned down.I see no difference on that form than any other lending institution,the difference might be the interest rate but you are still put through the dam red tapes.It is a loan that must be repaid,so its okay to make sure the applicant can repay and the loan is secured that should be the only reasons for been turned down.My husband has decided not to go any further with it and i agree. We are ALP supporters and will continue to support the government,but Mr PM take a second look please,not saying to give away Money,but in order to really help someone you must meet them half way.Take a second look at the application and take an even deeper look at the Chairman or whatever he is.He is an arrogant individual,arrogance has no place when you are supposed to be trying to elevate and lift the ordinary man.
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