BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB, the Bank) has reaffirmed its commitment to empowering Micro, Small and Medium Enterprises (MSMEs) across the region with a new initiative aimed at unlocking access to finance and fostering sustainable growth. In partnership with the ministry of energy, small business and entrepreneurship, the Barbados Stock Exchange, and the Small Business Association, CDB is supporting the development of the Innovation and Growth Market (I&GM)—a dedicated platform for MSMEs to raise equity capital and attract investment.
Backed by a US$350,000 Technical Assistance grant, the initiative will build the capacity of 50 Barbadian firms, with the goal of preparing at least 20 to become investor-ready and list on the I&GM. This effort includes training, mentorship, and education to help entrepreneurs and investors understand the opportunities of equity financing and stock market participation.
“The Bank is deeply aware of the vital role that Micro, Small and Medium Enterprises (MSMEs) play in our economies, especially in developing countries like our own,” said Daniel Best, president of CDB. “These businesses are more than statistics—they are the backbone of livelihoods, the seeds of innovation, and the heart of community resilience.”
MSMEs represent 92.2 percent of formal businesses in Barbados, contribute nearly half of private sector revenues, and employ over 60 percent of the workforce. Yet, many face persistent barriers to finance. Globally, the unmet financing need for MSMEs in developing countries is estimated at a staggering $5.2 trillion annually.
Recognising this challenge, the I&GM platform is designed to strengthen governance, improve transparency, and build investor confidence—key ingredients for sustainable growth. The initiative aligns with global trends, as over 60 percent of stock exchanges now offer SME listing segments, with successful models in Jamaica, India, and South Africa.
“At CDB, we believe that unlocking the potential of the private sector means creating an environment where innovation thrives, efficiency improves, and businesses are equipped to compete and withstand shocks,” Best added. “That’s why our approach brings together technical assistance, financing tools, and enabling reforms.”
Beyond Barbados, CDB is advancing regional efforts to strengthen the financial ecosystem through its Caribbean Technological Consultancy Services (CTCS) Network, the Cultural and Creative Industries Innovation Fund (CIIF), and ongoing partnership with Compete Caribbean. These programmes support crowdfunding frameworks, intellectual property-based financing, climate-smart technologies, and e-commerce logistics hubs.
Looking ahead, CDB will launch its Trade Finance Guarantee Programme later this year, aimed at expanding import and export opportunities—particularly for women-owned businesses and underserved groups. Work is also underway to establish moveable asset collateral registries across the Organisation of Eastern Caribbean States and in Barbados, enabling MSMEs to use tools and equipment as loan collateral.
The I&GM project in Barbados is a powerful example of how targeted support can transform MSMEs from “too small to finance” into engines of growth and innovation. CDB remains unwavering in its support for the private sector and looks forward to deepening its partnership with the government of Barbados to unlock the full potential of its economic drivers: entrepreneurs.
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