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To provide MSMEs in Barbados with the services they need, a multi-faceted approach is required, addressing their specific challenges and leveraging existing frameworks and initiatives. Below are key strategies:
1.
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: Initiatives like the Innovation and Growth Market of the Barbados Stock Exchange, which promotes equity financing, should be scaled up to provide MSMEs with access to non-traditional funding sources4.
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: Develop low-cost financing options with flexible repayment terms that align with MSMEs' cash flows. This includes programs like the Trade Receivables Liquidity Facility (TRLF), which ensures timely payments for government contracts5.
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: Strengthen programs like FundAccess and explore new microfinance initiatives to support smaller enterprises that may not qualify for traditional loans6.
2.
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: Expand training in entrepreneurship, corporate governance, and financial management through partnerships with entities like the Small Business Association (SBA) and Youth Entrepreneurship Scheme (YES)6.
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: Provide technical assistance tailored to industries such as agriculture, leveraging programs like the Agricultural Green Product and Green Energy Research Fund5.
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: Offer workshops on business registration and formalization to help MSMEs transition from informal operations6.
3.
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: Simplify the process for obtaining "Approved Small Business Status," which provides tax incentives and access to government procurement opportunities36.
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: Foster collaboration among business support agencies to create a cohesive framework that reduces duplication of efforts and mistrust among stakeholders16.
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: Strengthen the role of the National MSME Steering Committee in advocating for policies that address sector-specific challenges6.
4.
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: Encourage the use of digital platforms for marketing, customer engagement, and supply chain management.
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: Provide technical support for MSMEs to establish online stores or utilize e-commerce marketplaces.
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: Facilitate access to digital payment solutions to increase efficiency in transactions.
5.
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: Help MSMEs prepare for international markets by offering training on export requirements and standards.
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: Promote government procurement policies that prioritize locally owned MSMEs, ensuring they have access to public contracts.
6.
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: Foster collaboration between public institutions, private enterprises, and MSMEs to cultivate trust within the ecosystem.
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: Educate Barbadians on the importance of supporting local businesses through investments or purchases.
By addressing these areas, Barbados can create a supportive environment that enables MSMEs to thrive, contributing significantly to economic growth and job creation.
Citations:
- https://www.barbadoschamberofcommerce.com/national-policy-framework-msmes/
- https://www.caribank.org/sites/default/files/2023-10/BAR_SMES%20Equity%20Financing_CS_Marketing_TOR.pdf
- http://www.sice.oas.org/SME_CH/SICE_SME_CH_BRB_e.asp
- https://caribbeannewsglobal.com/barbados-committed-to-supporting-initiatives-for-msmes/
- https://msme-clearinghouse.com/barbados/
- https://faolex.fao.org/docs/pdf/bar183755.pdf
- https://www.barbadosparliament.com/uploads/sittings/attachments/3cbc58ce1bc360806372fa476f67157f.pdf
- https://www.cavehill.uwi.edu/salises/conferences/past-conferences/2003/smallandmicrobusinessbarbados-lashley.aspx
- https://www.competecaribbean.org/wp-content/uploads/2021/02/Regional-and-International-MSME-Support-Organisations-August-2019.docx
- https://www.centralbank.org.bb/news/speech/micro-small-and-medium-sized-enterprises-are-the-backbone-of-our-economy
- https://www.undp.org/barbados/business-adaptation-programme
- https://web.wtocenter.org.tw/downFiles/18079/407632/009GGfRF9nBj11111cWNujkYj45UCrh11111rGnsKpZj6BZi6iYKxX3LE00000pgGZuZGQok4n7YCJ411111w9qZnltBv1vFi4Ol5MGQ==
- https://www.iadb.org/en/news/barbados-will-support-sustainability-msmes-face-covid-19-crisis
- http://www.msme.gov.bb/registry.php
- https://www.centralbank.org.bb/news/general-press-release/outlook-for-barbados-economy-in-2025
- https://repositorio.cepal.org/bitstreams/05ac9094-db02-4a0a-b898-79ff718aa137/download
- https://www.undp.org/barbados/community-based-tourism-opportunity-msmes-become-beneficiaries-and-guardians-well-developed-strategies-say-undp-and-cto
- https://www.gemconsortium.org/file/open?fileId=49098
- https://carib-export.com/news/caribbean-export-and-dhl-sign-mou-to-enhance-msme-competitiveness-through-e-commerce-and-logistics-capacity-building/
- https://carib-export.com/blog/supporting-msmes-in-the-services-sector/
- https://www.undp.org/barbados/projects/innovative-finance-underserved-groups
- http://caribbean.eclac.org/topics/micro-small-and-medium-sized-enterprises-msmes
- https://www.barbadosparliament.com/uploads/sittings/attachments/f74aa9334153f34176d8189afe1a4414.pdf
- https://www.businessbarbados.com/articles/introducing-the-idbs-new-country-representative-for-barbados
- https://msme.gov.bb/registry.php
- https://repositorio.cepal.org/items/d2c5732a-3e62-4dc3-99af-a59b64c0f4d4
- https://www.caribank.org/newsroom/news-and-events/cdb-technical-assistance-strengthen-msme-operators
- https://www.icr-facility.eu/intervention/researching-the-state-of-the-msme-sector-in-barbados/
- https://www.caribank.org/newsroom/news-and-events/speeches/state-msme-sector-caricom-prospects-future
- https://www.foreign.gov.bb/government-providing-business-facilitation/
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