Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

124 because of a more relaxed loan policy by commercial banks and the enactment of the Small Business Development Act in 2002. Further adjustments were made in 2009, the most important of which was the introduction of technical assistance grants. Nonetheless, guarantees fell sharply to a yearly average of about 30 between 2009 and 2013 although they did recover. During 2016, the Enhanced Credit Guarantee Fund, a re-branding of the old scheme, was created as a joint venture between the Government of Barbados and the IDB, with the Bank acting as Fund Trustee. The new facility had features that made it more attractive to financial institutions and catered to new areas of business. A positive assessment came from two firms that accessed the Small Business Credit Guarantee Scheme. One principal described the results as a “quantum leap” that allowed the firm to order larger quantities, achieve lower prices and thereby increase operational efficiency. He also felt that the Enhanced Facility needed to be more widely advertised. Another company reported that it had used the Credit Guarantee Scheme together with some of the other facilities to secure export contracts in the region. This firm found the terms attached Top: Wes Knight of Credit Insurance visiting Grafton Headley’s furniture factory in Bagatelle. Bottom: Manager of Credit Insurance Jeff Reeves “on camera” during a visit to Pipefine, Harbour Industrial Park.