By Shamar Blunt
The National Policy Framework for the development of micro, small and medium-sized enterprises (MSMEs) has been grossly ignored, charges Chief Executive Officer of the Small Business Association (SBA) Dr Lynette Holder.
She pointed to the lack of implementation on the framework as the reason the sector’s growth has remained stagnant.
Though Dr. Holder praised the efforts of entrepreneurs and small businesses over the course of the COVID pandemic, citing the many innovations engaged to keep workers employed despite the many disruptions, she stressed that the framework which was laid in Parliament back in 2017, has received little attention.
“This policy framework, though a little dated, proposed a number of improvements, a number of areas that we needed to work on in order to really create that enabling business environment for the sector.
“This is the challenge that I have with administrations, sometimes we don’t see the continuity across administrations, sometimes we don’t see continuity across leadership and that is unfortunate. At the end of the day, because an administration changes, that does not mean that the needs of your constituent group changes.”
Dr Holder laid out her position to Barbados TODAY as the SBA prepares for the upcoming Small Business Week celebrations from September 18-23 under the theme Exploring The Digital Frontier – The Next Business Revolution.
She noted that the five-year-old policy document included ways to improve the legislative and regulatory framework for the MSMEs sector. It also outlined access to finance improvements, improving productivity and market access and the development of entrepreneurship skills through education and training.
She stated that though progress has been undeniably seen over the course of the last few years, Barbados as a nation has fallen well short of the targets that have been set out.
“There were those, SBA included, calling for a policy for the sector because there was none, there was no comprehensive policy for the sector. We put this in place, 2017, 18, 19, 20, 21, 22… five years, granted we had COVID which may have slowed [progress], but five years and yet we have not implemented this solution.
“From where I sit, Barbados does not need any more studies to be done on this… we have done all kinds of studies. You go into offices, they are there on the bookshelves. What Barbados needs are people who can implement, who can get things done, who have a heart… That is what we need.”
Dr. Holder’s comments mirrored those of Minister of Energy and Business Development Kerrie Symmonds who earlier this week, criticised Barbados’ financial sector for being risk-averse and lacking creativity when it came to supporting MSMEs.
She noted that the framework for MSMEs also covered areas in finance such as e-commerce, which in her view has also been sadly neglected by local banks.
“…We are talking about digitalisation and the disruption of technology, but we still can’t get an enabling environment for businesses who want to do e-commerce for that matter, and may want to use their banking partner. Our commercial banks still have not put in place a framework that allowed economical and safe e-commerce to occur in this country.
“Why shouldn’t a small business look to their commercial bank that they have to make their deposits [to] from the proceeds of their firm, to provide that e-commerce platform for them? We have issues, we are not keeping pace with the changes going on in the business community,” Dr Holder suggested.
shamarblunt@barbadostoday.bb
