Confusion?reigned at the Barbados Youth Business Trust (BYBT) yesterday with mixed messages about the viability of the organisation coming from senior officials there.
Acting general manager Marcus Alexander delivered grim news at a Press conference yesterday morning that the 17-year-old non-government organisation was in serious financial difficulties and may have to close its doors if it does not get an urgent cash injection.
But while admitting that the company was experiencing cash flow problems chairman David Clarke denied that closure was on the horizon.
Alexander, who joined the company six months ago, told the media at the BYBT’s office at Pinfold Street, The City, that reductions in Government subventions and donors’ contributions along with increasing demands for assistance from prospective entrepreneurs had impacted the organisation.
He said BYBT would be reducing its staff from five to one as it strives to weather its challenges.
He said BYBT required $270 000 each year to run programmes and provide technical assistance and mentoring. Additional funding is needed to meet entrepreneurs’ demands for financing.
