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The global economy is now characterized by a new set of rules
governing international trade and business.
As a
consequence, the Barbados Labour Party introduced a new regime
of laws for the protection of the consumer and regulation
of utilities.
The
re-elected Barbados Labour Party Government will:
- Complete
the legislative framework for the creation of a market-driven
competitive economy and
will provide all necessary institutional and financial support
- Enact
a Computer Misuse Act to outlaw illegally accessing computer
systems and the information contained therein
- Enact
a Data Protection Act to protect the privacy of individuals
and businesses;
- Put
regulations in place to ensure that individuals and businesses
can fully enjoy the benefits of the provisions of the Electronic
Transactions Act such as the use of electronic signatures
and the security of transactions;
- Provide
financial and other institutional support to enable a strong
and vigorous consumer movement to take root and flourish
as part of the market economy.
CHARTER
FOR SMALL AND MEDIUM SIZE ENTERPRISES
The BLP
will build on its impressive record of small business financing
by further strengthening the institutions set up for that
purpose. We will establish a financial charter for small and
medium enterprises to strengthen the relationship between
Government financial institutions and the Small
Business sector.
The
BLP will:
- Expand
the capitalization of Fund Access
- Expand
the capitalization of the Enterprise Growth Fund from $4.7
to $10 million
- Double
the maximum loan that can be granted by Fund Access from
$50,000 to $100,000 and extend the repayment period from
5 years to 10 years
- Authorise
the Enterprise Growth Fund to grant loans of over $100,000
- Reduce
the interest rate charged by Fund Access from 11.5% to 6%
- Establish clear
guidelines for loan evaluation as a means of causing transparency,
fairness and objectivity
- Enhance the
protection of the intellectual property and other proprietary
interests
of small business
- Establish a
joint public sector Consultative Group for Small Business
Financing which will periodically review operations of the
Government financing and technical assistance agencies
- Continue to
fully fund the Small Business Association
- Establish clear
guidelines for loan evaluation as a means of causing transparency,
fairness and objectivity
- Enhance the
protection of the intellectual property and other proprietary
interests of small business
- Establish a
joint public sector Consultative Group for Small Business
Financing which will periodically review operations of the
Government financing and technical assistance agencies
- Continue to
fully fund the Small Business Association
CREDIT UNIONS
The Credit Union
Movement has provided a unique opportunity for general self-help
and for the
mobilization of savings from all strata of society for the
provision of service to members of the
movement.
Since 1994, total
membership has increased from 44,000 to 106,287, total assets
from $178.2 million to $580.1 million and total savings from
$138.7 million to $480.0 million.
The BLP will continue
to support the movement and facilitate and promote its continued
growth and development.
In refining the
concessions for personal income tax, the BLP Government will
review the savings concessions as they relate to credit unions
in order to make them more attractive.
After full consultation
we will amend the Cooperatives Societies Act to:
- Strengthened
the regulatory framework for Credit Unions; and
- Introduce modern
prudential standards to better protect the assets and savings
of members.
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