A local small business association is advocating for the enactment of small business legislation and development plan or micro-small and medium sized businesses among other initiatives.
Mark A Turnquest, a small business consultant and president of the 242 Small Business Association and Resource Centre says that the SBARC hopes to meet with the new administration by mid-November.
Turnquest noted that while while small business legislation has been developed or promised in the past, the SBARC is demanding that the legislation be enacted.
“This time around we demand legislation. We want legislation. We want a definitive plan, a strategic national development plan. We are going to speak to government to make sure there is an agreement no later than next year, 2022,” said Turnquest.
Keith Dean, deputy chairman of the SBARC said that the the entity is seeking to advance for the creation of a micro, small and medium enterprises national development plan; legislation and execution of the SME Act; greater participation of MSMEs as it relates to creating policies to govern the sector; the relaxation of regulations and constraints to obtaining international funding for MSMEs; to ensure that MSMEs are properly registered to do businesses and to ensure that the SBARC is recognised as the united voice for Bahamian MSMEs. According to Dean, the SBARC is looking to register at least 100 new MSMEs and 10 strategic partners by the end of its first year.