SUPPORT FOR SMALL BUSINESSES

A forthcoming Memorandum of Understanding will be signed between the Ministry of Small Business, Entrepreneurship and Commerce and the Organisation of American States (OAS), which will further develop Barbados’ small business sector.

This was revealed yesterday by Minister Dwight Sutherland as he delivered a brief address at a service to mark the official start of Small Business Week, at the Calvary Moravian Church on Roebuck Street.

While not giving away too much information, Minister Sutherland told the congregation that once agreed upon by Cabinet, it will provide what the Small Business Association started to provide back in the 1970s and 1980s.

“The necessary support so that the micro, small and medium-enterprise sector will indeed strive.

“It is a framework through which we intend to grow the small business sector through what we call a ‘Small Business Development Frame-work’,” he stated.

During his brief address, Minister Sutherland suggested that the church also has a critical role to play to assist in the development of entrepreneurs, not only through the use of innovation, but also building back some of the morals that have been lost in the country.

“The Church has a major role to play in what I call ‘Christ-preneurship... Christian entrepreneurs’. And indeed I know this 185-year-old institution will do its role in assuring that we as a country continue to strive and continue to play our role in building out the MSMEs.”

Stressing the need to build out the micro, small and medium-sized enterprise sector in this country, it was pointed out that while there may be in-vestments coming from abroad, and with high tourism arrivals being recorded, an economic recession and shock cannot be predicted.

“We could have all of the tourists coming to this country, but at the end of the day, there is something called ‘recession’. And the first world, those in the bigger countries impact us. But for us to be sustainable, there is a small sector called the ‘SME Enterprises sector’. For the entrepreneurs in this country, that plays a critical role in building out this economy and economies worldwide, not only small developing countries, but also in larger economies.

“There are statistics to show that approximately 50 per cent of the growth in some countries comes from the small business sector. Working together provides the best opportunities for businesses to grow. Indeed, this Government recognises that. And we will build on the philosophy of the SBA through partnering not only with the SBA, but other partners,” he said.

Activities for Small Business Week will continue tomorrow – September 17 at 9 a.m. with the State of the Sector Conference at the Lloyd Erskine Sandiford Centre; on Wednesday at 10 a.m. Youth Symposium at the Savannah Beach Hotel, Hastings; and the Christ Church Annual General Meeting & Awards Ceremony will take place on Friday, September 20 at 6 p.m., at the Lloyd Erskine Sandiford Centre. Activities will conclude with a Centre Scenic Bus Ride on Saturday, September 21. (JH)