The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas “surely needs” a Small Business Act to address the needs of local entrepreneurs, a local artisan and Cacique award winner believes.

Miralee Rose, owner of Miragee Arts and a former Cacique Award winner for handicraft, said such legislation should address issues including the availability of capital, incentives and technical assistance.

Ms Rose, who was a presenter at the 26th annual Bahamas Business Outlook, said: “When I look back at all the issues and challenges in business, I can say we surely need a Small Business Act.

“An Act that will address the needs of entrepreneurs;  address setting up business incubators and cooperatives in strategic locations, as well as address the capital and ongoing technical assistance for entrepreneurs.

“Many times persons start out with their business and find that they have to do mostly everything themselves. Record keeping, for instance, gets pushed under the carpet, but if they have some technical assistance and assistance with marketing, that could really help them on their way.”

The calls by Ms Rose for small business legislation echo those of well-known consultant, Mark Turnquest, who has long called for the creation of such legislation.

An eight-member private sector committee to drive the Small and Medium-Sized Enterprises Development Bill was appointed in 2012, but the legislation has not yet been brought to Parliament.

   Ms Rose said that while the Ministry of Tourism and the Bahamas Agriculture and Industrial Corporation (BAIC) have helped small businesses,  more that needed to be done. 

She added that a Small Business Act should address the availability of capital and incentives for persons operating in cottage industries.