The local micro, small and medium enterprise sector is the key to unlocking significant economic growth in Barbados.
But to do so, the sector must be allowed to reach its full potential.
This from President of the Caribbean Development Bank, Dr. Warren Smith, the keynote speaker at the Small Business Association’s State of the Sector Conference, one of the activities during their week for 2019.
He says research from 2016 shows approximately 92% of formal enterprises were MSME’s, providing over 60% of private sector employment.
However, one of the major challenges which continue to face the sector is financing, with only 3-5 % of MSME’s able to access it through traditional means.
Dr. Smith says the CDB will be giving high priority to help MSME’s get the funding they need.
Dr. Smith says the CDB will also help MSME’s bolster their creditworthiness through technical assistance in the areas of marketing, business and accounting.
Meanwhile Minister of Small Business, Entrepreneurship and Commerce Dwight Sutherland, also noted Government’s commitment to building out the sector.
Part of this effort will be the relaunch of the Small Business Development Centre Network, and the establishment of a new policy framework for the MSME’s.
Minister Sutherland says Government will be partnering with many key players, including the University of the West Indies, Fund Access and the Trust Loan Unit.