The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Most Bahamian small businesses are “hanging on by the skin of their teeth”, a senior private sector official saying it was vital to implement the right support structure for their survival and growth.

Winston Rolle, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business that the proposed Small and Medium Enterprises Development Agency (SMEDA) would fill this gap and help improve the private sector’s prospects.

Acknowledging that the legislation to help bring SMEDA into being had taken “too long”, the effort having begun in 2010, Mr Rolle said many Bahamian small businesses were “a long way off from where they need to be”.

Having met with the Inter-American Development Bank (IDB) on the issue last week, Mr Rolle said support from both it and the Christie administration had given him “encouragement” that SMEDA, and the enabling Small and Medium-Sized Enterprise Development Act, would come into being.

“There’s a defined road map of what has to be done, and when it has to be done, to bring the project to fruition,” Mr Rolle told Tribune Business, adding that the original implementation schedule covered an 18-month period.

A project consultant has already been appointed, as has a committee of Bahamian small business consultants to assist with feedback and information gathering.

“There’s a lot of things we need to consider,” Mr Rolle said, “not only helping people to get into business but helping those businesses last and expand. Many were not adequately structured to support any bumps in the road. Proper structures would enable them to overcome any challenges they encounter on the way.”

Public consultation on the legislation, and SMEDA, would start in early 2013 if not before, he added. The BCCEC chief said he understood the draft Bill was being worked on in government for further “tweaking”.

Formally defining a Bahamian SME is another task for this project, given the sector’s “significant contribution” to the economy.

And Mr Rolle told Tribune Business: “A lot of our businesses are just hanging on by the skin of their teeth. They’re not using any innovation, or going through any process of constant improvement, so it’s important an organisation like SMEDA comes along to take them from where they are to where they need to be. Most of our small businesses are a long way off from where they need to be.”

While many entrepreneurs had dreams and ideas, they often lacked “the required acumen to do what is necessary”.

Suggesting that SMEDA would help build technical and knowledge capacity among Bahamian entrepreneurs and SMEs, Mr Rolle told Tribune Business: “SMEDA is going to be an organisation that is going to help all businesses, all individuals.

“One, it will get them to a point where they are sustainable, and two, for those businesses needing to access financing for further growth, it will put them in a position to meet the qualifications for financing.

“SMEDA needs to also look at where the opportunities are for local businesses to export products and services. Let’s hope it happens soon. It’s taken too long.”