|Minister of Industry, Small Business and Rural Development, Denis Kellman (FP)|
In an effort to further develop the small business sector, amendments will be made to the Small Business Development Act.
This was disclosed by Minister of Industry, Small Business and Rural Development, Denis Kellman, while addressing the media at the official opening of Hardware Hub in St. George.
According to Mr. Kellman, the Act was "proving to be exclusive, rather than inclusive, [and] no company should be penalized for expanding."
He reaffirmed Government’s commitment to facilitating the growth of small enterprises, which he stated were "responsible for a large part of the economic activity of any country".
"…Available research has led to the conclusion that there are approximately 11,275 small businesses operating in the formal sector in Barbados. This number has increased since that research was done…If one includes those businesses that operate in the informal sector, we could be looking at numbers as high as 13,000," Minister Kellman stated.
He further noted that the constantly expanding sector has been the "largest creator of jobs in recent times", and pointed out that registered companies provided jobs for approximately 32,000 persons – some 25 per cent of the employed labour force.
Alluding to his Ministry’s role in the development of the sector, the Minister mentioned that within the last four years, those who sought assistance through its agencies have been responsible for the creation of some 1,853 jobs.
Minister Kellman lauded Chief Executive Officer of Hardware Hub, Adrian Christie, for contributing to ongoing efforts for further growth of the small business sector. "In these challenging economic times, your efforts are beyond commendable as your contribution will go a long way in stimulating the kind of economic activity the country needs," he said.