{"id":25427,"date":"2022-12-08T22:35:53","date_gmt":"2022-12-09T03:35:53","guid":{"rendered":"https:\/\/projectcalls.com\/dev?p=25427"},"modified":"2022-12-08T18:15:18","modified_gmt":"2022-12-08T23:15:18","slug":"comprehensive-sme-policy-needed-says-deputy-central-bank-governor","status":"publish","type":"post","link":"https:\/\/projectcalls.com\/dev\/comprehensive-sme-policy-needed-says-deputy-central-bank-governor\/","title":{"rendered":"Comprehensive SME policy needed, says Deputy Central Bank Governor"},"content":{"rendered":"

Trinidad and Tobago<\/p>\n

An online 24\/7 portal connecting SMEs with business support products and services is now available.<\/p>\n

Finance Minister Colm Imbert gave the details while speaking at the launch of the SME Market Place held at the Hyatt Regency yesterday.<\/p>\n

\u201cA single entry portal\u2014SME Market Place\u2014was developed on the Ministry of Finance website which will provide access to information on the SME Market and procedure for listing on the Stock Exchange,\u201d Imbert stated.<\/p>\n

Additionally, Imbert said this country looked at Jamaica\u2019s Junior Stock Exchange to develop a SME Mentorship Programme for T&T to further assist businesses.<\/p>\n

\u201cComplementary to the tax incentives and to ease the operational burden of listing, the Government in collaboration with the Central Bank and the Stock Exchange has thus designed a similar Mentorship Programme that would provide the necessary support to the SMEs and close the gaps of insufficient documentation, as well as ensure adherence to compliance and corporate governance standards,\u201d Imbert stated.<\/p>\n

Even while Government plans to launch a $500 million loan facility for SMEs at the end next month Dr Dorian Noel, Deputy Governor of the Central Bank is advising a comprehensive SME policy\/strategy is needed.<\/p>\n

Such a measure he said, should provide the best opportunities for sustainable growth; more explicit in the targeting of future growth areas and promotes innovative business rather than replicative ideas.<\/p>\n

And more importantly Noel advised, it must treat adequately with gender, recognising that women, especially single women, are increasingly becoming the head of households and the breadwinner.<\/p>\n

While applauding the US Embassy and the T&T Entrepreneurship Hub (E-hub) on their launch of the Academy for Women Entrepreneurs (AWE) programme in 2021, Noel however, said this \u201csomewhat addresses the gender gap in the SME ecosystem a lot more has to be done.\u201d<\/p>\n

Speaking at the launch of SME Market Place held at the Hyatt Regency yesterday, Noel noted that SMEs contribution to GDP (the bank\u2019s conservative estimates) roughly 30 per cent and employs about 200,000 people.<\/p>\n

However, the are many challenges facing the sector.<\/p>\n

According to Noel, SMEs have low levels of technology adoption and innovation, which became quite evident during the COVID-19 pandemic.<\/p>\n

\u201cThis problem needs urgent attention and can be addressed by, perhaps, the provision of grants or tax incentives for digital transitioning of business models and processes,\u201d Noel said.<\/p>\n

He also noted SMEs have low levels of internationalisation and participation in global value chains.<\/p>\n

\u201cThis poor SME performance indicator can be adequately addressed by the provision of suitable funding for market research and access, negotiating SME market access into trade policy and incorporating net spend on SMEs into private and public sector procurement,\u201d Noel outlined.<\/p>\n

On how the bank is helping the SME ecosystem Noel explained it is expanding access to financing with the TTSE SME Market, which will provide more durable and cheaper financing for SMEs, especially if the tax incentive for listing on the SME Market is factored into the financing decision of firms.<\/p>\n

\u201cA form of financing that is better suited for their long term growth and performance,\u201d Noel added.<\/p>\n

Additionally, he said it is expanding business development services with the SME Mentorship Programme. And also the SME Market Place will help enhance the sector.<\/p>\n

\u201cWe have taken the role in organising an electronic platform, which list the business development services and financial supports available to SMEs and start-ups,\u201d Noel said.<\/p>\n

He added the initiative brings all services available to SMEs in a single place, an e-portal that is available 24\/7.<\/p>\n

\u201cThe SME Market Place gives visibility to listing service providers and facilitating connections to them for SMEs. Further, the Market Place reduces the information cost for SMEs, giving them free and readily available access to information to support growth and business performance,\u201d Noel added.<\/p>\n

more<\/a><\/p>\n

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Image: pexels-fauxels<\/em><\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Trinidad and Tobago An online 24\/7 portal connecting SMEs with business support products and services is now available. Finance Minister Colm Imbert gave the details while speaking at the launch…<\/p>\n","protected":false},"author":1091,"featured_media":25428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[250],"tags":[253,234,137],"class_list":["post-25427","post","type-post","status-publish","format-standard","has-post-thumbnail","category-articles","tag-business","tag-policy","tag-trinidad-and-tobago"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2022\/12\/pexels-fauxels-3184170-scaled-e1670541093102.jpg?fit=1024%2C683&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6u9Qa-6C7","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":4325,"url":"https:\/\/projectcalls.com\/dev\/questions-still-linger-on-procurement-of-vessel-devant\/","url_meta":{"origin":25427,"position":0},"title":"Questions still linger on procurement of vessel\u2014Devant","author":"Michele Marius","date":"February 1, 2018","format":false,"excerpt":"Reacting to Finance Minister Colm Imbert\u2019s disclosures on the purchase of a new vessel for the seabridge, former Transport Minister Devant Maharaj accused Imbert of continuing to \u201cobfuscate the issue without clarifying the core issues surrounding the procurement of the new ferry.\u201d Maharaj said Imbert\u2019s statement left the door open\u2026","rel":"","context":"In "News\/Developments"","block_context":{"text":"News\/Developments","link":"https:\/\/projectcalls.com\/dev\/category\/newsdevelopments\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2017\/08\/Ferry-Via-Tsuji-flickr.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2017\/08\/Ferry-Via-Tsuji-flickr.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2017\/08\/Ferry-Via-Tsuji-flickr.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2017\/08\/Ferry-Via-Tsuji-flickr.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":38116,"url":"https:\/\/projectcalls.com\/dev\/kamla-where-the-missing-3b-gone\/","url_meta":{"origin":25427,"position":1},"title":"Kamla: Where the missing $3b gone?","author":"Mayra Bonilla Lopez","date":"January 23, 2025","format":false,"excerpt":"Trinidad and Tobago Opposition Leader Kamla Persad-Bissessar has called for an inves\u00adtigation into the Central Bank of Trinidad and Tobago (CBTT). 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