GCCI President posits a lack of “liquidity” within private sector

GCCI President Timothy Tucker does not believe local businesses are in a position where they can or are willing to comfortably invest in the small business development fund proposed by President Ali.

Speaking at the opening of the Business Development Forum 2022 earlier this month, President Irfaan Ali had admonished the Georgetown Chamber of Commerce and Industry (GCCI) for failing to capitalise on an opportunity he offered to them a few years prior.

“I stand in front of the GCCI and its membership two years ago and I challenge you to put together resources in a fund for small business development and the Government will match the fund. I stand before you today, not a cent.”

In response, GCCI President Timothy Tucker highlighted that businesses within the Chamber have faced challenges, that have made them unable to put this fund together.

“The issue with that is that many of the players within the local private sector are looking for funds themselves to just operate their business. Those who have funds are investing their own funds. In this country, the quickest way to get anything done is investing your own funds because of the time it takes to secure finance is the problem. And that’s the reason we were even having that fund.”

Tucker added that he doesn’t believe there is enough liquidity within the private sector to create this fund in the way the President envisioned.

He also stated that many local big businesses probably do not see the value in investing in smaller local businesses.

“There may be a few businesses who can do it but there’s the issue of trust. Let’s face the facts, a lot of local big businesses are probably more trusting to put their finances into international companies rather than local companies.”