DAIC President calls for better governance of small business management financing under MSME

Kira Thompson-Aird

President of the Dominica Association of Industry and Commerce (DAIC), Kira Thompson-Aird, has proposed better governance of the Micro Small Medium Enterprise as a way to effectively keep a record and conduct proper follow-ups with persons who receive financing for the management of their small businesses.

She addressed the matter at a news conference held on Tuesday, August 1st, 2017 at the Whitchurch Board Room saying that discussions on the legislation governing small businesses is an area that the DAIC wants to look at.

“The Micro Small Medium Enterprise Sector is a grave concern for the DAIC. It has always been the impression that they have been left out of the equation and they actually have not. Since 2008 DAIC has been pushing for the legislation governing small business called the Small Businesses Act. So I can say without reservation that it was mentioned in the budget, this is one area we really want to look at,” she said.

The government has been on a mission to enhance and grow economies within individual communities by financing persons who have or who wish to establish a small business to provide for their needs and the needs of others.

Because of the number of persons receiving financing under this programme in a short space of time, there are growing concerns over the manner in which these funds are being issued and whether the money is being used for the intended purpose.

Thompson-Aird added that there needs to be a “renewal” of that draft legislation and what it entails because there cannot be a “giving away of funding” without some form of proper governance.

“We really want to see the renewal of that draft legislation and what it is going to cover, because you cannot have a status of giving away of funding without having a legislation or some sort of governance, some sort of governing direction be[ing] provided to allow persons to understand the lay of land so to speak,” she noted.

She suggested that considering the strong entrepreneurship in Dominica among both males and females, coupled with the possible resurfacing of the draft legislation, governance of the MSME sector based on the level of the financial contribution being given, should be considered.

“You can have the bigger entities, one of which we are sitting in that hires over two hundred and something people, and yes it has a roll out effect, but entrepreneurship is very strong in Dominica both amongst females and males. So overall, the only recommendation we would want to follow through on would be governance of the MSME sector development based on the level of contribution being given to that sector right now.”

Thompson-Aird noted further that the Act also provides for capacity building within the MSME sector which allows for persons to be informed of requirements and rules to adhere to.

“The Small Business Act is there to allow capacity building for the MSME sector. It is there to allow for you to understand what the requirements are, what it is that you need to adhere to, what it is that you need to follow through on. It also gives you an idea with focusing on the MSME sector where we need to increase the capacity,” she stated.

Thompson-Aird says the DAIC has identified three areas of concern which will eventually be addressed through a program that the Association has set out,

“So we know the areas of concern; DAIC actually has a three tiered program set out where we have addressed one section and there are two other sections to come that you will find out about as the months go along for the rest of this year,” she stated.

The Small Business Development Center, which did not launch as planned due to “a few challenges,” is another area that will allow for capacity building within the MSME sector as there must be a “guide in terms of the use and the management of such,” Thompson-Aird remarked.

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17 Comments

  1. Me
    August 2, 2017

    Kira, it needed to be said. Thank you.

  2. Francisco Etienne-Dods Telemaque
    August 2, 2017

    Sometimes, people with nothing important to do sit and talk bull!

    What does better governance have to do with a private business? People getting into business, large or small must be prepared to ” manage their business” in a way that it will generate a profit; that is the purpose in investing into a business!

    Making money, profiting from the business is the ultimate goal. If the services are good, or the things one sells are quality, the customer will return, hence the business will grow.

    All the baloney this woman is spewing makes no sense, I am getting the impression that she is implying government is involved in everything in the country!

    Confirmation of that is where I read someone said “government does not help small business,” that blind person might be suggesting government must pure free money into whatever crap they are involved into. Success or failure of a business depends on the management of the business, as in the case of manufacturing.

    Other type of…

    • Francisco Etienne-Dods Telemaque
      August 3, 2017

      Continue:

      Success with other businesses depend on the quality of what are sold, services, and location. If the services presented are good, if quality products are sold at reasonable price, customers will return, hence, the business will grow.

      If a new business last past six months it may survive, I do not know for Dominica, but in the Unites States, statistics prove that if a new business is going to fail it usually fails within the first six months of its inception!

      And this small or micro business she is talking about in Dominica, they do not exists, unless she can name some, a rum shop, small grocery shop I do not consider a business; however, if the idea is to create an impression that the two and three, and six thousand dollars Skerrit gives to his supporters pretending it is for the creation (start up) of small businesses, that is the greatest myth ever!

  3. August 2, 2017

    Skerrit not helping small businesses, he buttering mouths and buying loyalties

  4. Ridiculousness
    August 2, 2017

    Much to your surprise Mrs. Aird.. who are the ones really benefiting from the SMALL BUSINESS GRANT? The small legitimate business who really need the assistance and who do things by the book are not the ones receiving grant. Imagine placing an application since MAY and walking up and down ministry step begging for assistance, speaking to the politicians who ignore you unless you “passing it”in return. When you faithfully want to do something to earn your daily bread you not getting the help. Millions of dollars are being poured into communities for small business assistance.. where are the monies going? Just take a look at all the little ghettos..Loubiere, Bath Estate getting money and boats and is guns and crimes that coming out of it.
    And ME… I NEED the little help to do something positive as a young person and I can’t get it. And what they doing it for? VOTES? Not my VOTE.

  5. Gillian HW
    August 2, 2017

    Another genuine concern to be swept under the rug. We need jobs….Stop dashing away money that could be invested in the economy.

  6. Valley Massive
    August 2, 2017

    Bravo! Kudos to Mrs. Aird for voicing these concerns. She is on point. My neighbor received cash under the program and used it to buy an expensive phone for his girlfriend and boasts about it. And there are people in the same community who have known business and are struggling who have requested assistance and are waiting for over 2 months while others get within a few days.. Magway sa! The little people like me can’t do anything about it so Im hoping her voice has some weight.

  7. FORKIT
    August 2, 2017

    stupes, to late

  8. vender
    August 1, 2017

    …………. Allow our PM to give us money for us to give allyou some compition.

  9. bro
    August 1, 2017

    Kiddos to her for being bold enough to make such statements……………………………..But proper accountability is a must. I for one am outraged when i hear there is money for boys on the block. and its not hearsay when ‘small business’ applicants receive cash in hand, meaning they can do what ever they want. like hire a rental all weekend, or throw a block party ( becuz that is a business plan?).

    Either way kiddos to her.

  10. %
    August 1, 2017

    At least another prominent voice is echoing what THOUSANDS of GOOD Dominicans have been saying for quite some time.An inept,lazy,myopic,dunce, gang of clowns frittering away OUR money resources with the main purpose being TO BUY VOTES…This so called Small Business thing has become a Labour Party Joke,even worse than the jokers themselves.All of us have been hearing of these::::i buying a stove with the money,i buy a fridge with the money,boy i buying a scooter,i going GWADA with the money.Thats why I refer to them as a clustered colony of doggone clowns,DEFINITELY UNFIT TO GOVERN.
    SKERRIT MUST GO
    SKERRIT MUST GO
    SKERRIT MUST GO NOW.

  11. Roger Burnett
    August 1, 2017

    While sharing Kira Thompson-Aird’s concern regarding the disbursement of funding, I am concerned about the misuse of the term entrepreneur. The Chronicle newspaper highlighted this misconception in their last editorial. The frequent misuse of the word appears to be part of the pretence to appear more grandiose than we really are.

    For the most part, the current vogue of small businesses initiatives could be more correctly categorized as Cottage Industries. In saying this I am not demeaning one against the other. In my experience, the cottager lives a more fulfilling lifestyle than the entrepreneur. Furthermore, a small business built upon the cottage industry concept is realistically attainable, whereas entrepreneurship is not.

  12. viewsexpressed
    August 1, 2017

    Dominicans Please take note what the good lady above is saying about this rotten corrupt Labour government, the views and concerns expressed also by the UWP and the other processionals.
    DAIC President calls for better governance of small business management financing under MSME sector. Skerrit and all your pretentious acolytes, did you read, and have you taken note?

    The government has been on a mission of enhancing and growing economies within individual communities by financing persons who have or who wish to establish a small business to provide for their needs and the needs of others.

    Because of the number of persons receiving financing under this programme in a short space of time, there are growing concerns over the manner in which these funds are being issued and whether the money is being used for the intended purpose

  13. HOODY
    August 1, 2017

    This so called “small business ” assistance these people in Government are talking about is just a ploy using public money for Labour party vote catching. It’s always a politician announcing the thousands of dollars for a particular area
    Never anyone from the Ministry of Commerce involved. Just cannot believe we have an Audit Department

    • Dominican
      August 2, 2017

      Amen, the way things are proceeding today is no more than blatant electioneering, vote catching and nurturing a dependency culture. Most of all it is waste of precious resources. Handing out money without accountability and measuring its success is irresponsible.

  14. Real!!!!!
    August 1, 2017

    Mrs. Thompson -Aird I want to applaud you for those brilliant thoughts as relates to financing of small business under the MSME.

    As the Head of DAIC this is a breath of fresh air as you appeared to be prepared to change the status quo and not toe the line as the previous DAIC bosses.

    I trust you will not be pushed out for these salient thoughts!!!!!

  15. jihan
    August 1, 2017

    Mrs.Aird you might lose the job for your proposal,as am understanding and hearing out in the public ,persons from the Diaspora have been receing monies also,this is for assurity of the next general election for votes,while so many of our young people continue to struggle,have proof that this is happening also.Dominica Labour party is a disaster,and continue to be untruthful to the people of Dominica,one day this will all come to and end.

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