Oct 2005 Financial News

FirstCaribbean committed to small business

Oct 18, 2005

BARBADIANS who want to start their own business now have one more programme from which to benefit, and an additional institution committed to helping them fulfil their dream. This is the FirstCaribbean Small Business Group.

In this programme, each customer who wants to start his/her own business will be assigned an officer from the Bank, who would look after the applicant's credit facilities. Loans granted will be based on the individual's proposal within certain guidelines.

This facility and general support for small businesses was outlined on Tuesday when the Bank launched a Small Business programme.

Speaking at the launch at the Savannah Hotel, Mr. Paul Ashe, Director of Small Business and Country Head, Antigua, said that some of the services currently available are corporate credit cards, overdraft facilities, debit and credit card machines and the soon to be added Telephone and Internet Banking to the list.

They will also cater to the personal needs of the customer via mortgage and personal credit cards.

The small business team will consist of a manager, five small Business Officers, two Assistant Small Business Officers and FirstCaribbean would offer these services in each of the 16 islands where it has a branch.

Ashe believes that the development of the economies in the region is based largely on the development of the small business sector. This in turn would positively affect the employment rates, the foreign exchange ratio and the overall regional economy.

As a result, Ashe told the function, his organisation is committed to the cause of small businesses and will offer financial support, advice and business expertise that should provide them with the opportunity to see their business grow to a medium- or large-size business.

Additionally, they would also offer commercial and credit life insurance via the FirstCaribbean Small Business Insurance Facility. Credit Life would cover critical illness, serious injury and death, while Commercial Insurance would be for damage to the property, theft, and employer and public liability. This would be provided through Island Life.

Ashe said that potential customers could be assured of the fact that estimabl e providers would insure them and their plan could be adjusted according to their needs and wants. Horace Cobham, Executive Director, FirstCaribbean, said that they have sought ways to ensure that their programme is better suited to customers since its inception three years ago. They have decentralised it so that the business person can secure services from a convenient location.

They would also ensure that persons have access to Small Business officers when they need it, that these officers wou ld have the necessary information such as market knowledge, that they will provide a response promptly and that they will have knowledge of the persons industry and business.

Patricia Thangaraj
The Barbados Advocate
Thursday, 13th October, 2005
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