Entrepreneurs in Barbados are expressing significant concerns about systemic barriers preventing business expansion, identifying limited capital access and insufficient administrative support as primary obstacles. These revelations emerged during the Innovation Growth Market (IGM) 200 event at Hilton Resort Barbados, where business owners detailed their struggles with financial institutions and operational challenges.
Sasha Archer, Creative Director of digital marketing firm On Brand Global, emphasized the critical need for capital to secure talent and facilitate scaling. “Banking in Barbados is horrible,” Archer stated bluntly, noting that financial constraints are hindering both domestic operations and international business connections. She identified a need for approximately $2.5 million Barbados dollars in capital injection to properly scale operations, particularly for her newly launched content studio, The Space by On Brand Global, which aims to produce regional and international marketing content.
Rhea Corbin Hart, owner of EDbR Collective and EDbR Party Box, highlighted a different but equally critical challenge: administrative overload. Hart explained that managing multiple roles—from accounting to creative direction—consumes time that should be dedicated to strategic growth. “Even if I got the money right away, I still wouldn’t be able to scale without proper administrative support,” she noted, identifying an administrative assistant as her immediate priority.
Fitness entrepreneur Thorn Wood of Vibe Lifestyle and Fitness raised concerns about the narrow lending criteria of financial institutions, particularly for service-based businesses. With over 15 years of experience, Wood argued that lending institutions favor traditional sectors like manufacturing and exports while overlooking service businesses. Despite these challenges, Wood is preparing to open his first recreational facility in January at Hayman’s Market with ambitions to expand throughout the Caribbean region.
All three entrepreneurs are participating in the two-day IGM 200 Workshop with hopes of finding solutions to these persistent barriers to growth.