Finding funding in Barbados

If there's a question that rings out in almost every grouping of entrepreneurs it would be this one. Where can I find money for my business?

Governments in Barbados quite similar to those in other domiciles are reliant on entrepreneurship as a means of ensuring that the population are gainfully employed. As it stands this helps with the spreading of the burden within the economy through the collection of the means to run it - taxes.

Too often those seeking to start businesses lament that they are unable, for one reason or another, to obtain funding from the commercial banks. They often feel quite frustrated as a result since many are being displaced and in fact need to find ways of supporting their livelihood through the creation of businesses.

The information as to where funding seems to be scattered, and unless you know where to look you can be made to feel frustrated despite your best efforts. Today, through you will be guided to resources available here on the island, instead of recreating material. I will use hyperlinks to show you where the information may be found.

Once you find the information, you'll find that it has been well described and you can actually make an informed decision as to which sources of funding you qualify for and develop your plan as to how you will pursue them.

Here is information on funding entities that support small businesses:

• Barbados Youth Business Trust

• Enterprise Growth Fund Limited

• Caribbean Financial Solutions Corporation

• The Central Bank of Barbados

• Barbados Investment and Development Corporation

• City of Bridgetown Co-operative Credit Union Limited

• Fund Access

• Trust Loan Fund

• Barbados Public Workers Cooperative Credit Union Limited

• Caribbean Business Investment Network

• UNESCO

• Commercial banks

• The Cherry Tree Trust

Given the above mentions and corresponding hyperlinks that would enable you to delve deeper into the information you require. This information is useful regardless of if you're getting into a for profit/not-for-profit entity.

Some things are worth mentioning at this point:

1. You will need a plan

2. You will need to be prepared to spend some money

3. You will have to do lots of leg work to get the information you require

4. You will need a team

5. You will need to practice good governance

6. You will need to be fully cognizant of your business model

7. You will need to be well researched about your entity's resource requirements

To keep updated about information that may be useful to you and your business, sign up for our newsletter here. Richie B. is a Caribbean based business consultant.