||Centro de Información MIPYME: Barbados
- Small Business Development Act CAP.318C
An Act to provide for the establishment of a regulatory framework that would facilitate the growth of the small business
sector in Barbados and contribute towards the socio-economic development of Barbados.
- Requirements for Applications for Approved Small Business Status
- Application for Approved Small Business Status Form 1
(Companies in operation for more than one year)
- Application for Approved Small Business Status Form 1A
(Companies in operation for less than one year)
Iniciativas nacionales para apoyar el sector MIPYME:
A National Policy Framework for the Development of Micro, Small and Medium-Sized Enterprises
- Agricultural Green Product and Green Energy Research Fund – Ministry of Agriculture and Food Security
The Agricultural Green Product and Green Energy Research Fund provides competitive grants to facilitate innovative research
and development in sustainable methods of production, deployment of improved processes and technologies, and the delivery of
new products and services to enhance and transform the agricultural sector in Barbados. The maximum grant was $40,000.
- Barbados Investment and Development Corporation –
Innovate Barbados 2018, themed Engineering New Connections, creates the perfect conditions for the kinds of collaborative
connections that can drive innovation. There is a connection of diverse people across communities, generations and geographic
spaces to collectively awaken new ideas on innovating for the greater good of all of us. This is the place where entrepreneurs
and consumers, young people and seasoned professionals, public and private sector connect and where ideas become best suited to
- Barbados Investment and Development Corporation -
Special Technical Assistance Programme
The programme was designed to enhance the international competitiveness of local manufacturing, service companies, craft producers
and small businesses.
- Barbados Youth Business Trust (BYBT) - "Helping Young Entrepreneurs
The Trust provides the much needed service of turning good ideas into good business and the program is open to those aged between
18 – 35. Physically challenged applicants with good business ideas are especially encouraged to let the Trust help them to make
their dream become a reality. The BYBT is a registered Charity No. 271 and duly registered as a benevolent organization under the
Income Tax Act.
- Financing Schemes – Central Bank of Barbados
Guarantee Scheme for Businesses
The Credit Guarantee Scheme for Businesses is sponsored by the Central Bank of Barbados in an effort to assist businesses in
obtaining adequate security for their loans from credit institutions. The Scheme is designed to offer a substantial degree of
protection to credit institutions against possible losses in respect of the credit granted to businesses.
- The Enhanced Credit Guarantee Fund
The Enhanced Credit Guarantee Fund (ECGF) was set up to assist small and medium-sized enterprises (SMEs) who are in need of
credit for business development projects.
- Export Finance Guarantee
Loan Guarantee (TLGF)
The TLGF provides security in the form of guarantees to financial institutions for credits to businesses that accommodate
tourists. This financial support is expected to assist in ensuring the long-term sustainability of the tourism sector.
The Industrial Credit Fund (ICF) was established by the Government of Barbados in September 1983 to contribute to the development
of the country by stimulating growth of output, employment and foreign exchange earnings of the Barbados economy. To this end,
the ICF provides medium and long-term credit to productive enterprises operating mainly in the private sector.
- Handbook Financing, Technical Assistance and Other Incentives for SMEs
Developed by Small Business Development Unit in the Ministry of Small Business, Entrepreneurship and Commerce
A snapshot of programmes for MSMEs in Barbados. Most initiatives are still available but some funds for example under the Small
Business Venture Capital Inc are not currently available.
- Policy Paper on Agriculture - Ministry of Agriculture and Food Security
- Small Business Development Unit (SBDU) Factoring Programmes – Central Bank of Barbados
- Trade Receivables Liquidity Facility
The Trade Receivables Liquidity Facility (TRLF) is a program facilitated by the Government of Barbados that allows small
businesses that have delivered goods or services to a Ministry/Department of Central Government to receive timely payment at
a discounted rate. All outstanding invoices will be honoured within seven (7) days.
- VAT Receivables Liquidity Facility
The Central Bank of Barbados commenced the operations of the Value Added Tax Receivables Liquidity Facility (VRLF) for the
purpose of guaranteeing timely settlement of refunds owed by the Barbados Revenue Authority to small businesses. Under this
facility, eligible financial institutions will factor the approved refunds due to certified small businesses for a value of
$50,000 or less for a period not exceeding 90 days.
- Innovation Credit Fund
A credit award introduced by the Ministry of Finance and the Productivity Council to spur productivity growth and is available
to companies that invest in innovation and creativity towards business excellence. It applies to a person or an organisation
conducting business in the year 2011 and subsequent income years, who has incurred expenditure in that year that relates to
innovation shall be entitled to a tax credit of 25% of the amount expended in that income year.
- Trust Loan Fund - Barbados Agency For Micro-Enterprise Development
Ltd. (Fund Access)
The Government of Barbados will provide BDS$10,000,000.00 per year for each of the next five (5) years to seed a Trust Loans Fund
to give to all small businesses or business owners, security-free loans of up to BDS$5,000.00 each. When this loan is paid off in
full, and the borrower has built a good credit profile the business/owner will become entitled to a loan of up to BDS$10,000.00.
Trust Loans will be available to all legitimate small business owners in every category of business using the concept of a meeting
- Youth Agripreneurship Incubator Programme - Ministry of Agriculture and Food Security
An Agricultural Science and Technology Innovation Competition to nurture agricultural innovation and assist persons
in transforming their ideas into successful businesses. This programme focuses on training young people in the practical
science and business of agriculture and the development of alternative agro-industries in food products. A team of
consultants, specifically a Project Coordinator and a Project Assistant, has been recruited to implement the programme,
which was designed based on sector needs and stakeholder consultations. The programme, which comprises seven modules,
- Introduction to Organic Techniques
- Science and Technology in Agriculture
- Agri-Business Models
- Solid Waste Management in Agriculture
- Agri-Business Models
- Research Methods
- Demonstration Farm Practical
The programme therefore involves a number of strategic partnerships with the Canadian High Commission and the Inter American
Institute for Cooperation on Agriculture.
- Youth Entrepreneurship Scheme (YES) - Ministry of Culture, Sports
Established in 1995 the Youth Entrepreneurship Scheme (YES) is one of three Departments within the Division of Youth Affairs,
Ministry of Education, Youth Affairs and Sports. YES aims to promote youth empowerment and development through the establishment
of viable and sustainable micro and small businesses.
- Barbados Manufacturer’s Association
- The Barbados Small Business Association
The Small Business Association (SBA) is the island's, non-profit representative body for micro, small and medium enterprises.
The organization was registered as company no. 3508, and incorporated on March 31, 1982. The company was re-established in 1993
following a dormant period during the mid-1980s, and officially opened its Secretariat in December 1995. The SBA seeks to expand
business opportunities for its members, provide education & development services and lobby to ensure an enabling environment for
the growth and sustainability of the SME sector. The SBA also explores business financing possibilities for its members.