In presenting an update during the weekly Government press briefing on Monday, April 19th, the Hon. Minister of Economic Development, Commerce, Information Technology & Natural Resources, Mr. Kyle Hodge, released the good news that qualified small-business owners are now able to obtain loans from the Anguilla Development Board (ADB).
Such a provision makes available an amount of EC$500,000 for lending. Entrepreneurs and small-business owners can now borrow at a low interest rate, from the Anguilla Development Board, for the purpose of supplementing or improving their working capital.
In introducing the loans programme, Mr. Hodge said: “Through working with the Premier’s Office, we were able to provide the Anguilla Development Board with EC$500,000 to lend to small businesses in the various sectors, whether it be fishing, agriculture, manufacturing, or businesses related to tourism. There is a limit of EC$30,000 that can be borrowed per applicant, and the interest rate is approximately 4.75%.”
Mr. Hodge observed that he would encourage members of the small- business community to go now and visit the Anguilla Development Board, discuss their plans with the officers there, and apply to see if they would qualify for such a loan. “What this Government promises,” he said “is to continue funding the ADB. We are proposing to increase the provisional amount in 2022 from EC$500,000 to EC$1,000,000 so that we can encourage lending to small businesses at a low interest rate.”
In receiving the funding, ADB’s Manager, Mrs. Althea Hodge, expressed her gratitude to the Government on behalf of ADB: “The Anguilla Development Board thanks the Government of Anguilla for its contribution and support to small businesses development. The funding provided through the ADB to assist small businesses, at this time, is in keeping with the mandate of the institution which is ‘to stimulate and facilitate national development by providing financial, entrepreneurial and technical assistance and by forging an effective partnership for the well-being of the community’.”
In other business related news, Mr. Hodge reported that he recently visited some 20 local manufacturing outlets: “I just want to say that it was a pleasure for me to visit 20 manufacturing businesses lately. Over the past three weeks, myself and Permanent Secretary, Mrs. Channelle Petty-Barrett, along with Commerce Officer, Ms. Sherma Hodge, have toured these businesses and we consider our meeting experiences with each company as being highly insightful.”
According to Mr. Hodge, the manufactures they visited produce several items including concrete blocks, aluminium products, liqueurs, peppers and seasonings, soaps, flavoured salts, fragrant oils, ointment oils, etc.
“We found that it was quite important to reach out to these businesses and give them an ear,” he said. “We have taken onboard all of their several comments. For the last four months we have been busy working on a manufacturing policy, and our visits made to these businesses were quite profitable and eye-opening in helping us to shape this policy. We have to carefully protect this sector. There is a need for us to encourage more investment in it.”
Mr. Hodge went on: “The manufacturing sector provides employment for skilled and unskilled workers — and even for our at risk youth. The employment capacity of these 20 manufacturers alone is way over 100 individuals. But this is a sector in which we have seen some haphazard policies. For instance, some businesses may have concessions running without an expiration date; then there are businesses that are required to apply annually; and, yet again, there are businesses that have closed down because they were not afforded the same opportunities to operate as others.”
Mr. Hodge said that as they sat and discussed with the manufactures, their overarching concern was the matter of customs duties, and the possibility of having some degree of a waiver on such duties. He has pledged that his Ministry will put in place a manufacturing policy that runs across the board — one that would apply to everyone involved in local manufacturing.
– Staff Reporter, James R. Harrigan
