Cabinet Notes:
The Cabinet made a decision to provide support to a youthful entrepreneur who has already started a farm and has been selling his produce to residents of his neighbourhood.
The Entrepreneurial Development Programme will take an equity stake in his business.
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ABLP is a govt who cares… ABLP is a govt who empowers. ABLP is a govt that is taking us to the next level.
Why the Entrepreneurial Development Program want an equality in his business? Can’t they provide assistance and leave the young man to develop himself and his business. Who tells them the young man wants to an employee under their control.
I’m so glad to see my comments over the years for the government to establish a Venture Capital fund, has come to being. Since our local banks are sitting on so much liquidity and refuse to let the money circulate in the economy. And they say that our people are risk averse.
Many startup businesses cannot be burdened with debt financing. They need equity financing. And not by vultures that will let them build the business and then snatch it away from them. Thank God this fund has been established. I only hope our commercial banks will follow. Many depositors sitting with large amounts of cash in savings accounts getting only 2% interest can do with limited risk investments and get 10 to 20% return per annum. They can also issue bonds which are less risky but are more favorable and manageable for startup companies. Or convertible bonds. By refusing to provide financing to young entrepreneurs the banks are in fact killing the entrepreneurial spirit of the young people of the country. And by extension the economy. The banks do not play the important role that they should play in the country’s economy the fullest.
Brixtonian don’t you have anything to say about this. I guess you cannot cry it down.
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