Hotelier Adrian Loveridge says investors looking to get involved in tourism projects in Barbados would have to raise money in non-conventional ways since banks are not lending.
Despite a report from KPMG indicating that banks were becoming more confident to lend to the tourism industry in the region, Loveridge says not so for Barbados.
“Basically the economic climate is such that it’s difficult to borrow money,” said Loveridge, the owner of Peach & Quiet Hotel at Silver Sands, Christ Church.
Mentioning the multiple economic downgrades Barbados had received, he charged that “the established financial institutions, commercial banks and risk capital people virtually cannot lend money to Barbados or entities within Barbados because it doesn’t fit the lending criteria. (MB)
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