Small Business Development

During our first term we have fulfilled our promise to create a vibrant enabling environment for the successful operation of micro, small and medium size enterprises.

• We have set up an Enterprise Development Agency within the Antigua and Barbuda Investment Authority catering specially to the needs of the Small Business Sector.
• We have set up a Credit Guarantee System to assist small businesses to secure capital in a hassle-free way.
• We have reserved 25% of government’s contracts for procurement of goods and services for the Micro, Small, and Medium Enterprises sector.
• We have passed legislation, such as the Small business Development Act, that create the right legal environment for small businesses to play a formal role in the country’s economic development and contribute to the national goal of decent jobs for all.

During our second term, we will expand this ongoing programme of support and assistance for small businesses and provide every opportunity for them to function as an integral and important part of the private sector. Accordingly, we will:

• Expand the Credit Guarantee Scheme by increasing the ceiling of the loan guarantee to $200,000.
• Stimulate the development of the micro and small business sector from the demand side of the equation by the establishment of a Business Buildup Compliance Unit to ensure that all Government Departments, Statutory Corporations and State Enterprises develop and implement policies and programs to procure 25% of their goods and services from small businesses.
• Designate the Manufacturing and Small Industry Sectors as strategic economic sectors to be empowered to play a more significant role in job creation and economic diversification.