From October 1 to 3 Barbados and the Inter-American Development Bank will host the 2012 gathering of Foromic, promoted as the region’s foremost forum for boosting and financing micro, small and medium-sized businesses and small farmers in Latin America and the Caribbean.
For some time now it has been evident that the Democratic Labour Party (DLP) Government is placing such enormous emphasis on this conference to enhance its general elections chances, that it went to the extent of bringing out of retirement a senior public servant to coordinate the event that is said would bring about 800 visitors to our shores.
It is understandable that a Government tottering on the brink of collapse, and seething with implosion against a history of inertia, incompetence and increasing signs of corruption, would eagerly pounce on an event of this kind in a desperate rush to clean up its image, especially where the small business sector is concerned.
However, while the Dems, with a glitzy display of form, pomp and circumstance and frothy pronouncements, will be seeking to make conference delegates believe that it has been a major champion of small businesses, such people operating in the Barbadian economic environment for the past four and a half years have a far different report to give.
Such an assessment from people with bitter hands-on experience would destroy the superficially attractive illusions the Government is trying to create. The stark realization is that the DLP has failed abysmally to provide a single major initiative, policy or programme that would advance their fortunes.
On the other hand, the Barbados Labour Party (BLP) has a proud record, thanks to Ms Lynette Eastmond, not of promises but actual performance, in its contribution to small and medium-sized businesses such as the creation of the Enterprise Growth Fund Ltd (1998), which by 2007 had actually disbursed $153 million in grants, loans and equity to 148 clients employing more than 2 500 people; Fund Access, through which 709 small business clients got more than $18.5 million in loans, creating some 849 jobs; the Urban Enterprise Loan Scheme (1997), under the Urban Development Commission, that disbursed 759 loans ($7.2 million) and generated 977 jobs.
Also, the Small Business Development Act lowered tax on small businesses to 15 per cent and granted exemption from both import duty and stamp duty on plant and equipment.
Other benefits included refund of incorporation fees, a $5 million innovation fund, and a $350 000 subvention to the Small Business Association with access also to $1.3 million for special projects. Plus, the BLP built ultra-modern headquarters in Fontabelle, St Michael.
• Beresford Leon Padmore is a pseudonym for the Barbados Labour Party.