By Spokesman Newsroom
BASSETERRE, St. Kitts (Thursday 31st August 2023)- ”The goal is to identify pain points and unnecessary rules that can be eliminated to save small enterprises valuable time and money. I will work with other ministries and agencies to streamline procedures for registering new businesses, applying for licenses…” So said Minister of Entrepreneurship Samal Duggins during the official launch of the Ministry of Small Business and Entrepreneurship held on Tuesday 29th August 2023, at the Royal St.
Kitts Hotel under the theme ‘Building Businesses, Fuelling Innovation.’ He was at the time talking about an aspect of three pillars identified as part of the vision for the new ministry. He pointed out that when the government sought to create the Ministry upon taking office last August, “we came in with a vision.
We recognize the need for entrepreneurial support.” Duggins said the launch of the ministry is a few steps closer to that vision. He also mentioned that his vision is to nurture the entrepreneurial ecosystem so that it continues to grow and thrive.
Praising the significance of small business, he remarked: “Small businesses are indeed the back bone of St. Kitts and Nevis’ economy, providing jobs, innovation and opportunities for our citizens. It is a responsibility I take care very seriously being your minister.
We know small business enterprises make up over 90 per cent of all businesses in our federation. Entrepreneurship is engrained in our national spirit and identity from the small shops in Basseterre to cottage industries in villages across the islands.
Small villages are woven into the fabric of our communities.” The he talked about aiming to create policies and programmes that provide better support for small businesses at every stage of development from start-ups to established companies looking to expand. On the topic of access to capital, which he said is a key pillar of his vision for the small business sector ,Duggins pointed out: “Improving access to capital access to affordable financing remain one of the biggest obstacles for small businesses and start-ups in St.
Kitts and Nevis. We need to expand opportunities for small enterprises to secure the capital they need and get off the ground and expand. He continued: “Strengthening loan guarantee programmes that provide critical backing for small businesses trying to obtain loans from commercial banks.
By sharing the risk, we help more entrepreneurs qualify for credit even if they lack traditional collateral. With improved access to capital, we can unlock the potential of small businesses to drive innovations, create jobs and diversify our economy.” “By cutting red tapesmall businesses often struggle with bureaucratic ‘red tape’ and burdensome regulations was identified as a pillar two.
As Minister, I will spearhead efforts to review and reform policies to create a more business friendly legal and regulatory environment,” was what he commented on for Pillar 2. He said also that the government will conduct comprehensive assessment of – LOCAL NEWS – existing regulations affecting small business.
“The goal is to identify pain points and unnecessary rules that can be eliminated to save small enterprises valuable time and money. I will work with other ministries and agencies to streamline procedures for registering new businesses, applying for licenses, paying taxes and meeting other compliance obligations, digitalization of services will help to simplify and speed up interactions with government for you-our entrepreneurs.” Duggins added: “My aim is to reduce the hassle factor of small businesses interacting with the government while balancing important regulatory aims like consumer protection.
By cutting red tape, we allow small enterprises to focus resources on productive business activities instead.” On Pillar 3, he touched on expanding training and monitoring. He pointed out that beyond access to capital and a supportive regulatory climate, small business owners also need targeted assistance to strengthen their managerial, financial and technical skills.
As minister, I would expand the training programmes offering and focusing on areas like business plan development, financial management, digital marketing, e-commerce and export readiness. Additionally, we would launch new small business mentorship initiatives that would match entrepreneurs with experienced advisors and industry veterans who can provide tailored guideline and support because by learning from others’ successes and failures, small business owners can boost their own chances of thriving.” 3
