The Micro, Small and Medium-Sized Enterprise (MSME) Sector the world over has been touted as the engine of growth of the modern economy. The Barbados scenario bares no exception. Cognizant of this global reality, the Government of Barbados has positioned the MSME sector as a critical plank in the effort to revitalize the island’s economy.
This Policy Framework therefore recognizes the role that MSMEs must play in realizing government’s wider objective of leveraging the fullest potential of the MSME sector to champion the revitalization effort and to chart a revised growth path that lends to the sector’s expanded contribution to the national economy.
Critical to the aforementioned is the need to mitigate the inherent challenges facing this important sector evidenced by:
- Lack of integration, collaboration and cohesiveness of business support agencies.
- Lack of participation of private enterprises in the business support framework in the areas of training, technical assistance, and finance.
- Low penetration rate of business development services.
- The existence of an expanding informal business sector.
- Lack of simplified registration and classification process for businesses.
- Insufficient foreign-exchange generation.
- Lack of MSME category in national accounts; and a
- Culture of mistrust among agencies and constituents.