SLISBA Embraces Development Bank Bill
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Contact: Julita Peter
Tuesday, January 8, 2008 –The St. Lucia Industrial and Small Business Association (SLISBA) has welcomed the Development Bank Bill, which was passed in Parliament in December of 2007. In a press release SLISBA's President Eldridge Stephens said the uphill struggle of small businesses, especially in attracting and securing adequate and affordable financing, cannot be overstated.
According to Stephens, many businesses have lamented the high interest rates charged by commercial banks, notwithstanding the opportunities created by those financial institutions. He said many have contended that the absence of a friendly small business sector lending institution, partly accounts for the failure and ultimate demise of several businesses in St. Lucia.
SLISBA's support for the re-introduction of a development bank is not without concern. As a result, the Association has made a number of suggestions; among them, the representation of the Small and Medium Enterprises Sector on the board of the bank, and its participation in policy formulation.
SLISBA has also suggested that the development bank operates independently - free of any political interference or partisanship, in order to carry out its mandate to satisfy the general needs of the sector. |
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