Renewed calls to move away from outdated lending practices

There are fresh calls for Barbados’ financial institutions to break away from outdated lending practices that no longer meet the needs of today’s businesses.

Minister of Business and Energy, Senator Lisa Cummins, says the traditional system, built around collateral and not capacity, is not doing justice to modern businesses, especially for micro, small, and medium enterprises.

Speaking at the Innovation and Growth Market IGM200 Conference at the Hilton Barbados Resort, she raised concerns about this reality and revealed how Government plans to help create new pathways for businesses to access funding.

Our Anesta Henry has that story.