Twenty percent contract allocation to small businesses `biggest employment creation game changer’

—Small Business Bureau CEO says

—stresses need for GRA, NIS compliance for eligibility

While the implementation of the policy allowing for the ‘set aside’ of  20% of state contracts under the Small Business Act could face some “teething challenges,” its full and effective implementation could be “the country’s biggest ever job creation game-changer”, CEO of the Small Business Bureau, Dr. Lowell Porter has told the Stabroek Business.

The ‘set aside’ arrangement, which became functional this month when the Act came into effect, caters to a particularly wide range of small business pursuits and even allows for considerable sub-contracting, which adds even further value to its job-creation potential,” Porter told Stabroek Business.

And while he declined to speculate on envisaged figures for likely employment gains in the short to medium term, Porter said that what was important in the ‘set aside’ arrangement, was its potential to “change lives, alleviate poverty and transform the fortunes of struggling small businesses.” He said that once the initiative is “up and running”, it could quickly impact several sectors that are significant employers, and so will very likely have an immediate effect on the availability of a range of jobs requiring varying skills and abilities…..

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