The Government of Antigua and Barbuda has launched the Prime Minister’s Entrepreneurial Development Fund.
It is aimed at assisting young Antiguans And Barbudans with varying business plans with start-up capital.
The present business community in Antigua is made up of mostly non-nationals and expatriates.
Prime Minister Gaston Browne told the launch that the fund was established to provide equal opportunities to Antiguans to earn wealth. The Prime Minister hopes this will level the playing field in the business community.
The Prime Minister Entrepreneurial Development Programme commences with a total of $12 million.The fund will receive further injections of $13.5 million in the next 60days from funds received from Global Ports.
Browne said the Telecommunications Tax earns 150 to 200 thousand a month and the tax will add a further 2million dollars to the fund.
Prime Minister Browne said while the fund eliminates most of the procedures financial institutions have in place, the programme is not a grant fund but a loan.
Browne called on the entrepreneurs to be responsible with the funds and use it wisely.
“We are dealing with public funds, so we are not launching this fund to give away public monies; it’s not a grant programme, it’s a loan programme and whereas we are increasing the accessibility by eliminating a significant amount of the normal bureaucratic procures you would have with financial institutions, we expect the beneficiaries to be responsible and to utilise the funds wisely.”
The secretariat of the programme is located in the National Development Foundation office.
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Wasn’t there also another fund launched a couple years ago? What happened to the moneys the government put in that fund. We were never provided with the list of names who received funds and the projects undertaken. The government seems to be diverting the people’s money to these funds. Will there be audited financial statements and proper accounting for the people’s money? Don’t trust these people with the people’s money as they are a bunch of dishonest get rich sceemers.
Stop speaking lies and putting falsehoods into the public domain. The ABLP government never put any money into any fund “a couple years ago.” A fund was launched that was supposed to bring money to a government entrepreneurial programme, but folks like you and those of the serpentine order raised sinful hell against the idea. It was therefore scrapped. Learn to speak the truth and shame the devil.
Thieves, crooks and deceivers are just loved by the devil and he has a place in hell for them. Are you trying to make the night soil buckets clean? We already have car wash. Your name says it all.
Yes and you forget the smear campaign the UPP started accusing the PM of putting money in his wife’s charity. The funds was opened at the ABDB and because of the Risk factor the board could not entertain those small startup entrepreneurs.
Did the PM notify the public that the account at ABDB had been closed because of the risk and the funds returned to the treasury? Smoke and mirrors enrichment schemes.
The charity Share is suppose to be closed but can a charity be closed and still own property in Point?
Whenever I hear about these types of programs I get mixed feelings. I mean it feels like some of us are getting taxpayers money for almost free. I had to dig hard in to my savings to make my dream come through. And I don’t like to see others getting my tax dollars so easily. But that aside. If we have concluded that the banks are liquid enough to lend money to start up businesses, but the problem is that these start up entrepreneur do not have the know-how nor the money to prepare proper business plans and lack the collateral needed for the bank, than I believe government should address these issues with the bank and come up with programs to take some of the Risk away from the banks. I have seen this done in Europe. Government provide the guarantee to the bank and when the business goes under the government buys over the bad debt from the bank. The government also provide guidance to these starting entrepreneurs by assigning certain accountant offices to them for financial guidance. And these become conditions for obtaining a the loan. The government therefore partners with not only banks but also accounting firms or small self-employed qualified accountant. One condition can also be that the entrepreneur has to go to evening classes in entrepreneurship so that they can build capacity understanding how to run a business. What you will see now is that lots of money will go to the administration of the fund that could have been utilize in the providing of subsidies for lower interest rates at the banks. The same system can be used to boost the housing sector. PM I hope you read this and give it some thought.
I think I might apply for $1 million US??????….
Sorry but you have not been paying attention. The maximum you can borrow is $75000.00
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