Wednesday, February 10, 2010
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Letters | Opinion | Editorial | Weekend Report |
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2010 must be year for small business By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com: President Barack Obama's lead in truly supporting small businesses in 2010 should be followed in this nation, the president of The Bahamas Chamber of Commerce told The Nassau Guardian. Millions watched President Obama promise a package of support for small businesses across the USA in his State of the Union address. Among that package was $30 billion dollar fund from a Wall Street bailout fund which will be used to help small businesses still reeling from financial crisis. Obama also proposed a new small-business tax credit, "one that will go to over one million small businesses who hire new workers or raise wages." "While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment," he said. Today Khaalis Rolle said that spirit should now be adopted in The Bahamas to avoid a "total collapse". He said: "I think every intelligent observer now understands that domestic firms are the only way the economy can begin to turn the tide. These are the businesses who have the most emotion investment as well as normally their life savings. "This is why they want their businesses to survive, because they have no alternative, they want to succeed and grow and prosper. "For far too long we have paid lip-service to small business, we've used touchy-feelie terms such as it is the 'engine of the economy', what does that exactly mean. "The world fell asleep at the wheel, they relied on the big banks and they failed them, everyone was complicit in it, entrepreneurs, legislators and governments. And we all have a responsibility to look at how we move forward now. While Rolle said The Bahamas would not get the kind of $30 billion state handout Obama has promised to restart lending to small businesses, he said it was time for the conversation to begin here in the islands He said: "What we need is a frank and sincere dialogue, recognizing there is a issue which we need to fundamental policy which will impact change. "The Minister for Finance has pledged a package of legislation to make business easier, but that is only part, we still need to look at the aspect of financing. "For financing is 80 percent of the issue, small business needs fluid access to capital. "It should be easier to set of business but all the costs are up front, we all know that the first year of business is critical to survival but that is when they are hit by all the costs. "Banks look at the model differently, for them it is all about risk which is why they want all their fees up front, but why not amortize those over the life of the loan, rather than putting a millstone around the necks of fledgling firms. "We need to deal with this or we will all preside over a total collapse, we have to understand our obligation and live up to it."
Friday January 29, 2010 |
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