Fight for financing

FINANCIERS DEMAND a proven track record from small businesses because they are risking other people’s money to fund them.That is the reality, according to Caribbean Financial Services Corporation president Anthony Maughn, who told BARBADOS BUSINESS AUTHORITY on Friday it was true that lending institutions required lots of information from small enterprises and they had to be in business three years.“It is true because you are asking a financier to take a risk – and it is not a risk of profit, it is a risk of loss. “If they don’t make a good case and I perceive that the risk is higher . . . they are going to pay the price. If I still go ahead, I stand to take a loss. If I stand to take a loss I will send up the interest rate to cover myself,” he said.Maughn stressed that “in using other people’s money, you have to secure it in one form or another”. (SR)