Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

Barbados conference closes with call to develop financial products for SMEs
Published on October 8, 2012 Email To Friend    Print Version

BRIDGETOWN, Barbados -- Latin America and the Caribbean need to develop increasingly flexible and innovative financial products and services for the region’s burgeoning small and medium enterprise sector, according to discussions held during the 15th Inter-American Forum on Microenterprise (Foromic 2012).

The three-day event, held for the first time in the English-speaking Caribbean and with the theme “Unlocking Entrepreneurship: Toward Innovative Solutions,” brought more than 1,000 participants to Bridgetown. Foromic 2012 was jointly organized by the MIF and the government of Barbados.

“At the MIF, we think of a continuum of business with high growth potential entrepreneurs of all kinds and sizes along it,’’ said Nancy Lee, the general manager of the Multilateral Investment Fund (MIF), during the closing ceremony, which also had the presence of Christopher Sinckler, Minister of Finance of Barbados. “We support pioneering institutions that are creating flexible products that grow with their clients.”

Lee said that the theme of this year’s Foromic, “lies at the core of countries’ growth and poverty reduction strategies” all over Latin America and the Caribbean.

Discussions focused on innovative financing models for small and medium-sized businesses, as well as developing financial services for the poor beyond microfinance, such as savings and insurance.

This year’s Foromic had a special day dedicated to Barbados and the Caribbean, at which panels discussed development opportunities for small businesses, microfinance, entrepreneurship among youth and women, and emerging business from renewable energies.

Lee cited several Caribbean business owners who participated in the conference to share their experiences, including Trinidadian fashion designer Anya Ayoung-Chee, Haitian handicraft exporter Magalie Dresse, Barbadian gym owner William Nathaniel Beckles, and young participants in the entrepreneurship training and mentoring programs of the Barbados Youth Business Trust.

Microfinance industry

The latest trends and developments in microfinance were also an important topic discussed at the conference. According to the 2012 Global Microscope report, launched during the event, Latin America continued to improve its environment for microfinance, with Peru and Bolivia showing the biggest gains and leading the global ranking of 55 countries.

The report also highlights that policymakers and microfinance institutions in the region have shown an important commitment to promoting responsible finance practices, by improving client protection, transparency and dispute resolution.

Foromic brought together participants from financial and microfinance institutions, associations of microentrepreneurs, government agencies, universities, NGOs, impact investors and international organizations. Next year’s Foromic will take place in Mexico.
Reads: 3702

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

Other Headlines:

Regional Sports: