By Devina Samaroo
Foundation Seven Music School has won $1M, plus capacity building and other technical support in a local competition aimed at assisting small businesses to generate financial gains.
The Georgetown Chambers of Commerce and Industry (GCCI), in collaboration with other entities including Republic Bank and Scotia Bank, created a ‘Wealth Creation Fund’ to offer an individual or group the opportunity to receive a grant. Along with the grant, the group will receive one full year of capacity building support through the Small Business Bureau (SBB) to gear them with the basic constructs to sustain their financial growth.
Project Coordinator, Deslyn Griffith noted that entrepreneurs within the music, arts & craft, and agro-processing sectors participated, however, the review committee believed that “Foundation Seven” submitted the winning application.
“The focus of the music school is basically to deal with music education and development. It focuses on how do they bring the music into culture,” she explained. She added that “We found that it was workable not because it seemed to be a nice concept but mainly because they were able to break it down strategically in terms of how they will go about doing it.”
Chairman of the Trade and Investments Committee, Lance Hinds explained that the project was initiated in recognition of the challenges faced by micro-enterprises in accessing funds to develop their businesses.
“We understand clearly that as an SME you have challenges going to your traditional financial institutions in order to get loans and financial support. Also, the banks understand as well that there are limited things they can do; there are legislation that controls how they can lend and what happens when loans go a certain direction,” he stated.
Against this backdrop, Hinds said the concept of the initiative is to provide a gateway for SMEs “to have a start and then grow from there”.
The music institution was also encouraged to share their acquired knowledge and experience with other small businesses in order to help them understand what it takes to effectively and efficiently operate at that level, and then profitably progress from there.
The Wealth Creation Fund was part of a wider programme whereby 50 small and medium-sized enterprises (SMEs) were given the opportunity to examine the financial landscape they operate within, pertaining to regulations governing their access to financial instruments and the need to adapt a sound entrepreneurial persona to improve their current abilities.
Meanwhile, the GCCI intends to continue the programme and as explained by the Chamber’s Junior Vice President, Timothy Tucker, the entity is always open to provide support to all businesses.
Foundation Seven, which is located at 7-8 Brickdam, has been operating for some nine years and prides its objectives on the importance of music education and development.
