The Business Development Unit (BDU) was established in 1996 and is staffed by the following professionals:
- Chief Business Development Adviser,
- Senior Business Development Officer, and
- Business Development Officer.
The functions of the BDU include the following:
- Develop a legislative framework for small and medium sized enterprises;
- Undertake and organise projects aimed at providing international SME competitiveness in order to enable small businesses to develop coping mechanisms to deal with globalisation;
- Organize education and training sessions; and
- Design and implement policies, strategies and plans for business development.
The Business Development Unit is charged with the responsibility of administering the following legislation:
- The Small Business Development Act, 1999-23, which seeks to facilitate the growth and sustainability of the small business sector in Barbados.
The Small Business Development Act, 1999-23
The Central aim of government’s economic policy is to create a modern, forward-looking economy where businesses can grow and its citizens prosper. Government considers the business sector as having the potential to be a major driving force within the Barbadian economy. The small business sector is fundamental to generating revenue, employment, economic growth and prosperity within Barbados and is therefore regarded as a key component of this process.
It is this regard that the Small Business Development Act 1999-23 was enacted in December 1999 as part of Government’s legislative framework to facilitate the further development and sustainability of the small business sector of Barbados, as well as to promote international competitiveness.
The Small Business Development Act is divided into seventeen (17) sections, the following three (3) of which are highlighted.
- The definition of a small business enterprise.
- The activities under which small businesses are categorised.
- The incentives, which a small business granted approval by the Minister of Industry, International Business, Commerce and Small Business Development, are eligible.