Small Business

Finally! 14 year-old provision for small business state contract allocation set for January – Stabroek News

Confirmation that the clause in the country’s 2004 Small Business Act making provision for local small businesses to access 20% of state contracts from January next year will be activated was on Monday provided in the National Assembly by Minister of Business Dominic Gaskin.

It however seems that at least in the immediate term the full and complete implementation of what is regarded in the small business community as a potentially significant development will be limited by the capacity of the beneficiary entities to effectively execute in some areas.

On Monday Gaskin disclosed in his post-budget presentation to the House that the 20% allocation to small businesses “will begin with a set aside of all procurements of under $30 million for approved small businesses” subject to capacity existing within the sector” though he stated that the “set aside” is likely to be inadequate to meet the stipulated 20% allocation. “Government is aware that even if all of the procurements under $30 million were to go to small businesses it still may not amount to 20% of total procurement,” Gaskin said…..

Source

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