Chamber gives THA budget passing grade

THE TOBAGO Chamber of Industry and Commerce has given the THA’s $3.71 billion budget a passing grade, saying it looked forward to working with the Division of Finance, Trade and the Economy to boost the island’s business sector.

Finance secretary Petal-Ann Roberts delivered her maiden budget statement for fiscal 2026 in the Assembly Legislature, Scarborough, on June 23. The theme of the budget was Accelerating Growth, Anchoring Fiscal Stability.

Of the THA's $3.71 billion request, she said estimates of recurrent expenditure amount to $2.71 billion while the development expenditure is $1 billion.

The chamber’s president Curtis Williams told Newsday the organisation welcomed the focus on the development of the small- and medium-enterprises sector.

“The THA’s fiscal package marks a positive shift – moving from general budget cuts to targeted SME-friendly investments,” he said.

The THA has set aside $12 million initially to launch a loan guarantee fund specifically for SMEs, in sectors like fishing, tourism, agriculture, with plans for a further injection over time.

“This lowers the risk for commercial banks to lend to local SMEs, easing access to capital for operational expansion and investment. It’s a smart boost for growth-focused entrepreneurs.”

Williams also welcomed the establishment of the Tobago Development Fund to assist businesses which “need to move to the next level.

“This is a great boost for SMEs.”

He noted the THA is also cutting discretionary spending to keep recurrent costs flat and funnelling savings into development programmes, including SME support.

“Combined with the push to digitise THA accounting and financial processes, this should reduce administrative burdens and speed up engagement with SMEs. This will allow faster payments and easier procurement, which translate into a more predictable revenue flow for SMEs engaging in THA contracts.”

Williams said, however, execution will determine success.

“The real test is how fast and accessible these measures will prove to be and its sustainability.”