The Small and Medium Size Enterprises Development Bill is currently being reviewed by the attorney general's office and is expected before Parliament early next year, Guardian Business can confirm.
Minister of State for Investments Khaalis Rolle told Guardian Business that to date most of the consultation with key stakeholders has been completed.
"I'm looking to ensure that what we have analyzed and committed to with the Small and Medium Enterprises Development Agency (SMEDA) is consistent with the overall national economic development plan," he said.
In fact, he estimates the legislation could be going to Parliament "any day now".
"It is now before the attorney general's office and then from there, it's Parliament. We have finished most of the consultation, so the SMEDA legislation should be going to Parliament soon," according to Rolle.
Back in August, EPS Consultants, a local consultancy firm, began conducting a "needs analysis" survey on 800 small and medium-sized businesses throughout the country, as the government seeks to develop and introduce a SMEDA sometime next year. According to Donald Demeritte, the principal of EPS Consultants, the four-week process sought 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," Demeritte said.
The data gathering exercise was conducted on New Providence, Grand Bahama, Cat Island, Eleuthera, Harbour Island, Exuma and Long Island.
Officials from the Bahamas Development Bank (BDB), the Bahamas Agricultural and Industrial Corporation (BAIC) and the Bahamas Entrepreneurial Venture Fund also conducted a six-week consultation process on SME development that ended in April.
Under the draft legislation, the initial amount of capital required in year one to launch SMEDA would be determined on a needs basis.
Of particular interest to investors will be the option to approve the issuance of shares in SMEDA to other institutions or individuals.
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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