Caribbean360: Government owed millions for business loans

Government owed millions for business loans
================================================================================
Chris Hoyos on 02/06/2011 13:02:00
 
PORT OF SPAIN, Trinidad, Thursday June 2, 2011 – Millions of dollars are now
owed to the National Entrepreneurship Development Company (NEDCO) by persons who
borrowed funds to start their own businesses and never paid back, according to
Minister of Labour and Small and Micro Enterprise Development, Errol Mc Leod. In
some cases, he said, the funds were not used for what they were intended.
Mc Leod said efforts are now being made to recover the monies.
He made the disclosure yesterday, while speaking to reporters, following a
public consultation on ‘Enterprise Development through Business Incubation’.
Minister Mc Leod said there was “hardly any evidence” to support the
recipients involvement in business development with the funds received.
The loans disbursed would have ranged from TT$250,000 (US$39,370) to TT$500,000
(US$78,740) each.
Mc Leod expressed dissatisfaction with the operations of NEDCO because of
improprieties which he said came to his attention a year ago, when he took
office. However, he said he could divulge any details because of an ongoing
investigation.
NEDCO was established in 2002 as the implementing agency for government’s
policy on small and micro-enterprise development.
Click here to receive free news bulletins via email from Caribbean360. (View
sample)