Where the money gone? Mc Leod says millions owed to NEDCO

People who borrowed millions of dollars from the National Entrepreneurship Development Company (NEDCO) to start their own businesses are not repaying the loans. And the government is making efforts to recover the monies.

Minister of Labour Errol Mc Leod spoke about the matter this week in an interview at the Hyatt Regency Hotel, Port of Spain where he was attending a public consultation on “Enterprise Development through Business Incubation”.

The Manning PNM administration NEDCO in 2002 as the implementing agency for government’s policy on small and micro-enterprise development.

Mc Leod urged NEDCO’s Board to investigate “what would have gone on before their time, and make appropriate reports to the ministry.”

He added that there is “hardly any evidence” to show that many people who borrowed money ranging between $250,000 and half a million dollars ever invested in starting small businesses.
 

The Minister expressed dissatisfaction with the operations of the company because of improprieties which he said came to his attention a year ago on his assumption to office. He said that is under investigation and declined further comment on the matter.