Last update: 08-Dec-2013 4:55 am
Sunday, December 08, 2013
Trinidad & Tobago Guardian Online
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THA loans $19m to Tobago businesses
The Business Development Unit of the Tobago House of Assembly’s (THA) Division of Finance and Enterprise Development has disbursed 229 loans totalling $19 million to entrepreneurs on the island since its establishment in 2003. In addition, the unit has approved 400 applications for enterprise assistance grants totalling $7 million of the 700 applications received with a value of $17 million.
This was revealed by THA secretary of Finance and Enterprise Development assemblyman Joel Jack when he gave a report on the activities of his division at the John Dial Community Centre on Thursday night. Jack, who is the assemblyman for the area, also said $1.3 million was disbursed to the Tobago services sector alone. “Our work neither begins nor ends at the cheque stage,” he said.
He said more than 500 young people have joined the Home Ownership Savings Programme, a partnership between the THA and First Citizens Bank, to assist them in buying a home in the future.
The finance secretary said his division has carried the continuous monitoring of supermarket and hardware prices and distributed 364 social emergency cards and 317 medical alert devices to deserving Tobagonians. Training was also conducted in a wide range of business related fields, including marketing, customer service, budgeting, money management, book-keeping and cash flow.
Jack spoke of the success of Tobago Cassava Products Limited which distributed 2,000 sticks to 19 farmers and was preparing to receive 14,000 plants in February for distribution. The THA-owned company has also purchased and processed more than 5,000 pounds of cassava for use in a variety of products.
He said the Capital of Paradise, a vessel owned by the Fish Processing Company of Tobago Limited, was used to catch 26,600 pounds of fish to be sold locally, bringing in revenue of $122,892 in addition to exportation of 39,179 pounds of yellow fin tuna valued at $732,195.99.
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