Minister of State in the Ministry of Culture, Youth, Sports and Community Development, Senator Oscar George, has encouraged young entrepreneurs who have received benefits under the government’s program to spend their resources wisely.
He made the statement while addressing the launching ceremony of Global Entrepreneurship Week (GEW) on Monday.
According to George, from 2009 the government has spent in excess of 17 million dollars through direct cash grants in enhancing micro, small, and medium-sized enterprises in Dominica. In one financial year, in 2016, 2.8 million dollars was spent in providing support to small businesses in Dominica
Furthermore, he revealed that the government has made available 28 million dollars through the Small Business Enterprise Development Fund at the AID Bank and this has provided affordable financing at highly concessional rates to the sector. As of June 2024, a total of 432 loans were approved out of which 21.1 million dollars has been disbursed.
“I encourage our young entrepreneurs to spend the resources wisely when you benefit from a government program,” George advised. “Many times we have seen businesses benefit from programs from the government and they don’t spend the money [to] purchase things they said they would have…”
George explained that when one has a business the only way he or she is going to gain a return on any investment is if the money is spent for its intended purpose.
“That is something I think all young entrepreneurs should guard against, not spending too much money on consumables, but spending money on actual things that can enhance operations in your business,” he remarked.
George also mentioned that the government has invested significantly in digital transformation and infrastructure improvement to create a business environment that is efficient and globally connected.
“Through these efforts, we aim to equip our entrepreneurs with the tools they need to succeed in today’s fast-evolving digital economy,” he indicated.
George believes by empowering young people with skills, technology, and resources, “we are building a resilient economy that will continue to thrive for generations to come.”
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