OAS MSME Newsletter: ( October 2023):

MSME Newsletter – OAS WEE MSME Clearinghouse Experience – St. Vincent and the Grenadines

We are excited to share experiences from the sixth country highlighted in the OAS Women Economic Empowerment project’s MSME Clearinghouse: St. Vincent and the Grenadines. We will begin by introducing the institution of our National Focal Point, followed by valuable resources provided by other institutions that support the progress of MSMEs in St. Vincent and the Grenadines.

Centre for Enterprise Development (CED)

The Centre for Enterprise Development offers technical support such as business counselling, and the development of business plans. CED also works along with the government to provide assistance to small businesses.

Access a range of business guides including identifying entrepreneurial opportunities, building and presenting your business plan, financing your business, managing fixed assets and market research among others.

Department of Industry

Department of Industry facilitates the development, growth and expansion of the Industrial Sector in Saint Vincent and the Grenadines, by creating the enabling environment to strengthen and promote Private Sector Development through entrepreneurship, innovation, and standards development.

Access fiscal incentives forms and available duty-free concessions for manufacturers and agro-processors.

National Development Foundation (NDF)

The National Development Foundation promotes and supports entrepreneurial development in the small and micro business sector by providing credit, technical development support, counseling and training to improve the social well-being and economic prosperity of its clients and to make a positive contribution to national development.

Access information on business management training, entrepreneurial development, and technical assistance.

SVG Bureau of Standards

The Bureau of Standards is the local authority that prepares and promotes standards relating to goods, services, processes and practices produced and/or used in St. Vincent and the Grenadines.

Access information on technical assistance and training assistance with product labels and specification, visits to manufacturing establishments etc.

Invest SVG

Invest SVG offers business counseling, training, export development support, assistance in accessing funding etc.

Access a repository of forms and official documentation including CIP Business Registration, Investment Guides and Customs process and procedures.

About the MSME Clearinghouse:

The MSME Clearing House is a platform dedicated to support and empower women entrepreneurs in the Micro, Small, and Medium Enterprises (MSME) sector. Our mission is to provide a centralized hub of resources and information tailored specifically to the needs of women-owned businesses.At the MSME Online Clearinghouse, we believe in the power of knowledge and community. Join us today and unlock a world of resources tailored to empower women entrepreneurs in the MSME sector. Together, let us break barriers, achieve success, and create a more equitable and resilient society

Discover more at: https://wee-msme-clearinghouse.com/

Country Policy Responses

SME Credit: More banks and Mutual Guarantee Societies (SGRs) adhere to the regime that simplifies access

There are already 37 banks and 39 SGRs adhered to this platform that allows the government to simplify and federalize access to credit and promote financial inclusion throughout the country.

Economy promotes investments in digital transformation of exporting SMEs

The Secretary of Industry and Productive Development launched the PyMEX Digital Transformation contest, which will provide direct non-refundable financing for investments in digital technologies and industry 4.0 of small and medium-sized industrial export enterprises that aim to increase their productivity, improve the efficiency and quality of their processes, develop new business models and open more export markets.

SMEs from Santa Cruz exhibit with the Made in Bolivia seal at Expocruz 2023

With the support of the Ministry of Productive Development and Plural Economy, through the Vice Ministry of Micro, Small Enterprises and Crafts, 100 productive units of micro, small entrepreneurs (SMEs) of Santa Cruz participated at Expocruz 2023.

Government improves the productive and commercial capacity of MSMEs of Chuquisaca

The national government, through the Ministry of Productive Development and Plural Economy and the decentralized entity PRO-BOLIVIA, delivered improvement plans to 44 micro and small enterprises (MSMEs) in the department of Chuquisaca in the textile, food, metalworking and wood sectors.

Government reduces the cost of trademark registration to benefit the country’s MSMEs

The national government, through the National Intellectual Property Service (Senapi) and PRO BOLIVIA, entities dependent on the Ministry of Productive Development and Plural Economy, lowered the registration cost of national individual and collective trademarks from Bs 1,005 to Bs 255, in in favor of the productive units of artisans and micro and small businesses (MyPEs), in accordance with current regulations.

Government, entities and civil society discuss investments of R$ 180 billion for businesses with environmental and social impact

Increasing the number of startups and impact businesses that can help solve social and environmental problems. This is one of the objectives of the National Impact Economy Strategy (Enimpacto), whose work plan until 2032 was discussed among 50 representatives from the federal government, the productive sector and civil society – Sebrae is a member of the Committee that deals with this initiative. The proposal is to reach 12,500 enterprises of this model and attract R$180 billion in public and private investments.

Inova Simples electronic form receives improvements to make entrepreneurs’ lives easier

With support from Sebrae, the registration system for Simple Innovation Companies presents new features to reduce bureaucracy in the country’s innovative business environment.

Entrepreneur Fair begins with the prospect of generating R$700 million in business

Entrepreneur Fair has exclusive space for female entrepreneurship

Call for SMEs to sell in international and local marketplaces

More than 100 small businesses will access specialized technical assistance through Sercotec’s Global SMEs and Virtual Markets programs to position their businesses in e-commerce.

Nearly 4,000 micro, small and medium-sized enterprises in 302 municipalities are already part of the Reindustrialization Policy

Less than a year after the launch of the Reindustrialization Policy of the Ministry of Commerce, Industry and Tourism, results are already available on the implementation process in the territories. To date, and through its Colombia Productiva heritage, the Ministry of Commerce, Industry and Tourism has supported the commercial and productive growth of nearly 4,000 micro, small and medium-sized businesses, including businesses belonging to the popular economy, through more of 5,100 technical interventions.

Ministry of Commerce, Industry and Tourism launches, through Bancóldex, lines of credit for MSMEs for more than $320,000 million

To support the country’s micro, small and medium-sized enterprise segment, the Ministry of Commerce, Industry and Tourism launched a credit portfolio through Bancóldex, made up of four lines of credit that total more than $320,000 million pesos.

MEIC signed an agreement with the Association of Composers and Musical Authors (ACAM) that benefits MSMEs

The Association of Composers and Musical Authors (ACAM) will grant discount rates of between 10% and 58% to MSMEs registered with the MEIC. Starting in December 2023, restaurants, hair salons, gyms, among others, that use music in their premises will be able to benefit from these reduced rates. ACAM will also carry out training on intellectual property issues to promote recognition of the rights of composers and authors. The process to obtain SME Status from the MEIC is free and is provided to people and companies that meet the legal requirements.

Diploma: “Boosting your Business with Artificial Intelligence”

The Government of El Salvador, through the National Commission for Micro and Small Enterprises (CONAMYPE), together with the Ministry of Tourism (MITUR), with the support of the Korea International Cooperation Agency (KOICA), the El Salvador Agency for International Cooperation (ESCO), the Ministry of Foreign Affairs of El Salvador (RREE) and the United Nations Development Program (UNDP), held the closing ceremony of the diploma course called “Boosting your business with Artificial Intelligence”.

2nd Edition of the El Salvador Art and Design Festival, with participating MSMEs from the Official Fashion Cluster (SMODA).

The Government of El Salvador, through the National Commission for Micro and Small Enterprises (CONAMYPE), together with the Special Fund for Resources from the Privatization of ANTEL (FANTEL), with the support of the United States Agency for International Development (USAID), and the Dynamic Initiative II of the Central American Bank for Economic Integration (CABEI), the European Union and the Government of Germany through KfW, which was joined as strategic allies by other government representatives such as the Ministry of Economy, Ministry of Tourism, Ministry of Culture and the National Charity Lottery; private company and the participating SMEs of the Official FASHION Cluster will hold the Second Edition of the El Salvador 2023 Art and Design Festival.

14 entrepreneurs graduate from ‘ElevateAll’ programme

Fourteen (14) entrepreneurs who completed the first cohort of the ‘ElevateAll’ programme, offered by the Centre for Local Business Development, were presented with their certificates of participation on Saturday. The programme aimed to support Guyanese manufacturing businesses with professional development for business success and personal growth.

Ampyme launches entrepreneurship contest for students from schools in Panama Oeste

The National Authority for Micro, Small and Medium Enterprises (Ampyme) launched the first Intercollegiate Entrepreneurship Contest in West Panama, aimed at student entrepreneurs in the last year of Secondary Education. Through the contest, the aim is to promote the entrepreneurial spirit among students, with the objective of fostering economic growth, creativity, innovation and business thinking. The contest will have two categories: traditional and Innovative. The first category focuses on traditional and viable short-term entrepreneurship projects and the second category focuses on innovative and viable medium-term entrepreneurship projects.

First MSME Business Symposium to improve productivity and expand business opportunities that benefit this industry

Nearly 200 business leaders, specialists and entrepreneurs from all over the country met in the city of Santiago, province of Veraguas, to participate in the First MSME Business Symposium, with the central theme “Challenges and Opportunities of MSMEs in Panama,” with the objective of exchanging ideas and providing knowledge that promotes business opportunities that stimulate the growth and development of micro, small and medium-sized businesses affected by the pandemic.

MIC and UNIDO reviewed the MSME COMPITE program

The Vice Minister of MSMEs of the Ministry of Industry and Commerce (MIC) met with the Project Officer of the United Nations Industrial Development Organization (UNIDO) to review the progress of the MIPYME COMPITE program.

Expo Hotel 2023, highlights the work of MSMEs in the sector’s value chain

During the VIII Edition of Expo Hotel 2023, authorities highlighted the importance of micro, small and medium-sized enterprises in the value chain of the hotel sector.

The Ministry of Production (Produce) invites micro and small enterprises to participate in business roundtable/trade show

In order to continue generating spaces for commercial coordination so that the country’s micro and small businesses (MSMEs) continue to grow, the Ministry of Production (Produce) launched the call for a new business roundtable/trade show within the framework of the Christmas Campaign.

Produce implements six work groups for the reactivation of MSMEs at the national level

The working groups that seek to establish public policy aimed at the MSME sector are: Defense of the national industry and mechanisms to strengthen the industry, Security for economic activity, Purchases from MYPErú, Institutionality, Financing and Taxation.

Produce calls on micro and small businesses to participate in working groups to promote economic reactivation.

The Ministry of Production (Produce) published a call to micro and small businesses (MSMEs) and union leaders from across the country who wish to contribute with their proposals for technical solutions that will stimulate the economy.

Saint Kitts and Nevis

Small Businesses Awarded Booster Grant of $ 5000

The Ministry of Small Business and Entrepreneurship awarded ‘booster grants’ of five thousand dollars ($5000) to 40 small business entrepreneurs within the Federation of St. Kitts and Nevis as a means of promoting good economic development.

Significant Increase in Lending to Black-Owned Small Businesses

Total Number and Dollar Amount of SBA-backed Loans to Black-Owned Small Businesses See 2.5x Increase. New SBA data shows that SBA-backed loans to Black-owned small businesses have more than doubled, with nearly $1.5 billion in lending.

Record $3 Billion in Lending to Latino-Owned Small Businesses

SBA data shows that the rate of SBA-backed loans to Latino-owned small businesses has now doubled, topping $3 billion in lending.

Cybersecurity and Business Experts Convene to Share Free Best Practices and Practical Tools for Small Businesses

The U.S. Small Business Administration (SBA) will host its Small Business Cyber Summit during Cybersecurity Awareness Month this October, with free educational webinars for small business owners.

Uruguay will host the VIII Italy- Latin America SME Forum in 2024

Uruguay, where the business fabric is made up of 99% micro, small and medium-sized enterprises, will host the micro and small entrepreneurs from Latin America and Italy.