By the Caribbean Journal staff

Trinidad and Tobago’s Ministry of Labour and Small and Micro Enterprise Development began a series of consultations this week aimed at developing a small business policy in the country.

The first meeting was held in San Fernando, and came nearly 10 years after the last such policy consultation in 2002, according to Sheryl-Anne Haynes, Deputy Permanent Secretary in the Ministry.

That resulted in the formation of Trinidad’s National Entrepreneurship Development Company (NEDCO).

“Ten years later, we have been able to review the success to date and, given the present economic climate, believe it is important to revisit these mandates,” she said. “It is evident that there are still challenges being faced by the SME sector that have not been addressed since that time.”

According to data from the Ministry, the SME sector represents 200,000 households across Trinidad, and about 95 percent of business operating in the country.

“I am sure that most of the micro and small businesses here will attest to the challenges they face in assessing markets, sourcing funds for their business, receiving support in managing their businesses and dealing with the various operational challenges,” she said.