– to reinvigorate small business development in Region 10

THE new Board of Directors for the Linden Enterprise Network (LEN), a private limited liability company, wholly owned by the government and operating solely in Region 10 to support the creation of viable and competitive enterprises, was officially inaugurated by Minister of Finance, Dr. Ashni Singh on Wednesday.
The minister said that the installation of the seven-man board represents a significant step in government’s focus of making Linden a more prosperous town. He explained that the goal is to ensure a Linden that has a stronger diversified economy (less dependent on bauxite) and to do so, not by just facilitating external investors, but by promoting and encouraging within the town, business enterprises by Lindeners themselves.

“Even though bauxite would have served us well, the fact of the matter is we would be creating for ourselves an inherent vulnerability if we build a long-term strategy dependent on a single industry. For that reason, we are convinced, as a government, that just as our country must not be dependent on only just a few industries…we believe that given the fact that bauxite is a commodity traded on the international market, given the fact we have been exposed to the fluctuations, the unpredictability of the world market for this commodity, the long- term strategy for a viable and prosperous Linden must be a strategy that places Linden in a position where it is not dependent only on bauxite,” he said during the inauguration at the Region 10 Business Centre.
While explaining that government’s strategy for Linden involves making the traditional industry as competitive as possible, he indicated that government will not give up on bauxite, as it will continue to be an important natural resource that will continue to be harnessed for national development as long as it is possible. Government will, at the same time however, look at other investments for the region.
He explained this was why the Linden Economic Advancement Programme (LEAP) was conceptualised and its successor LEN introduced, so that the long- term prosperity of Linden not only comes from external investors, but also from economic diversifiction arising from Lindeners themselves.

LEN is a successor company to LEAP which was introduced in 2002 and ended in December, 2009, and which aimed to advance the region’s infrastructure and reduce unemployment. More importantly, under LEAP, the Linden Economic Advancement Fund (LEAF), a credit facility, was designed to provide small loans for business development in Region 10. According to Minister Singh, under LEAF, 701 loans were granted, totalling in excess of $732M as a means of encouraging and promoting growth in small businesses in agriculture, forestry, hospitality, manufacturing, mining, services and retail. Over 3095 jobs were created as a result.
“We remain convinced that micro enterprise small business development is one of the most efficient ways of increasing lives and livelihood…this what LEN is all about, not just the lending…but also lending purpose of small business development,” Minister Singh said.
“It is our government’s hopes that the appointment of a new LEN board will bring with it a reinvigorated micro enterprise environment in Linden, and a reinvigorated micro enterprise small business development,” he said.
The intention is that they seek out new business ideas and new borrowers, facilitating their businesses by providing not only finances, but mentorship.
The minister said that whilst he has no doubt that the new board will discharge this important mandate, he pointed out that ultimately the success of LEN will depend on the borrowers and the community. He noted that regrettably over $300M of the monies that were lent under LEAP has not been repaid, and urged that those in default bring themselves in order, and repay the loans so that they can benefit from a repeat loan under LEN, and so that the rest of Linden is also not denied an opportunity to borrow.
Minister Singh pointed out that the success of the fund depends on broad based access and good borrowing.
Minister in the Ministry of Finance, Juan Edghill said government will be going after the outstanding payments.

The Board of Directors of LEN are Dunstan Barrow (Chairman,) Andrew Forsythe, Nolan Walton, Youlanda Hilliman, Tarachand Balgobin, Basil Jaipaul and Patrick Dublin. In the absence of Barrow from Wednesday’s exercise, Forsythe spoke on behalf of the board and pledged to work with the Regional Council and other stakeholders towards Linden’s development.
“LEN is not a replacement to the NDC nor the RDC, but instead will work in collaboration with these institutions to bring betterment to the region,” he said.