Improving the regulatory and business environment for BSOs in support of SMEs in the overseas countries and territories in the CaribbeanClient: Government of the Virgin Islands | Sectors: Economic Growth
The overall objective of the project was to contribute to the economic diversification and prosperity of the Caribbean Overseas Territories and Countries by improving the competitiveness of SMEs in the Territories.
The following results have been achieved:
1. Improved policy, legislative and administrative framework for SMEs to establish and conduct business in the Caribbean OCTs. This comprised formulating an overall policy framework to favor SME development in collaboration with OCT authorities. It also included the development of sectorial policies to improve the competiveness of the target sectors, legislative simplification to benefit start-ups and SMEs development, and SME policy studies per country/territory.
2. Improved capacity of BSOs to deliver the necessary services to their members and engage in dialogue with the government. In order to meet this aim, SME support organisations were strengthened, start-ups and business incubators were supported (including the establishment of one virtual business incubator) and a Business Management Consultants Association was created.
3. Improved competitiveness of the SMEs participating in the project through company diagnosis (free of charge), upgraded planning, and specialised technical assistance (on a cost sharing basis). Preference was given to SMEs with growth and export potentials. Furthermore, SMEs receive training and coaching, for example in exploring access to medium and/or long-term capital.