Tribune Business

STAKEHOLDERS who focus on small business development have been unsuccessful in creating strategies/policies on how to mitigate the negative impact of the recession with regard to small and medium-sized enterprises (SMEs) in the Bahamas. There have been few planning activities that focus on how we are going to improve this sector’s future viability.

The SME community is at a crossroads. This vital industry (SME) has been underserved and underdeveloped since 1973. There has been no serious innovative activity to develop the industry up to 2010. SMEs are still only contributing 5 per cent to GDP (or even less) from 2007, since Philip Schneuwly, an IDB consultant, conducted the report entitled: IDB SME Final Report 2007. I had assisted Mr Schneuwly with that research in regards to non-financial organizations’ participation in the development of SMEs in the Bahamas.