A local consultancy firm is conducting a 'needs analysis' survey on 800 small and medium-sized businesses throughout the country, as the government seeks to develop and introduce the Small and Medium Enterprises Development Agency (SMEDA) sometime next year.
Donald Demeritte, the principal of EPS Consultants, who is leading the nearly four-week process, told Guardian Business on Friday that the survey seeks to "gather specific data from a representative sample of small and medium businesses".
"This information is crucial for the development of the foundational support for SMEDA, as it speaks to and seeks to encapsulate what businesses view as essential and practical for their viability and sustainability," he said.
Beginning today, the data gathering exercise will be conducted on New Providence, followed by other islands, including Grand Bahama, Cat Island, Eleuthera, Harbour Island, Exuma and Long Island. Describing the data gathering process as "critical", Demeritte revealed that Ministry of Finance officials will use the information obtained from this activity to determine the needs of SMEs in their various sectors.
SMEDA is likely to come on stream next year following an intensive consultation process.
In March, Merrit Storr, managing partner of Chancellors Chambers law firm, a key player in drafting the proposed legislation, confirmed to Guardian Business that the objective is to have the legislation passed in Parliament this year.
Officials from the Bahamas Development Bank (BDB), the Bahamas Agricultural and Industrial Corporation (BAIC) and the Bahamas Entrepreneurial Venture Fund began a six-week consultation process on SME development at the Sheraton Nassau Beach Resort that ended in April.
"We've had meetings with representatives from BDB, BAIC and the venture capital fund. I have met directly with BDB's board," said Storr.
"The question will be when the government can table the legislation. I've been told that they would like to present it in June or before the summer recess.
Whether that's realistic or not is up to them. Certainly by fall, so that it can be completed this year."
Storr pointed out that BDB will be the public sector agency most impacted by the legislation, followed by BAIC and the venture capital fund.
Business advisory support services needed for SMEs will also be provided under SMEDA. The government is expected to inject $25 million of capital for the creation of SMEDA.
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