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More than four months after announcing a shift in Government procurement policy to facilitate small businesses, the administration has given the green light for the immediate implementation of the policy.
This was announced by Minister of Industry, Investment and Commerce, Karl Samuda during the 2009/2010 budget debate in Parliament on Wednesday.
In presenting his contribution to the budget debate, Mr. Samuda tried to convince the House that his administration was making the right move to stimulate the Jamaican economy.
He announced that the small business procurement policy measures were approved by Cabinet on Monday and will require Ministries and Government agencies to allocate 15% of their recurrent and capital budgets to allow for the procurement of goods and services from qualified small and micro businesses.
Mr. Samuda outlined the contract sizes that had been approved.
"$10 million for work contracts, $5 million for service contracts, $1 million for goods contracts, contracts intended for small businesses and which range form $350,000 to $10 million will be exempt from the need to provide a big bond because these small players cannot afford to post a bond and so they will be exempt frm that.
"A company will be designated a small business if its auditors or accountants confirm that its assets do not exceed $30 million," said Mr. Samuda.
All Government entities have been instructed to provide via their websites, information on contracts to be awarded prior to invitation to tender so that small businesses can prepare themselves to bid for contracts.
http://www.radiojamaica.com/content/view/17539/51/
This was announced by Minister of Industry, Investment and Commerce, Karl Samuda during the 2009/2010 budget debate in Parliament on Wednesday.
In presenting his contribution to the budget debate, Mr. Samuda tried to convince the House that his administration was making the right move to stimulate the Jamaican economy.
He announced that the small business procurement policy measures were approved by Cabinet on Monday and will require Ministries and Government agencies to allocate 15% of their recurrent and capital budgets to allow for the procurement of goods and services from qualified small and micro businesses.
Mr. Samuda outlined the contract sizes that had been approved.
"$10 million for work contracts, $5 million for service contracts, $1 million for goods contracts, contracts intended for small businesses and which range form $350,000 to $10 million will be exempt from the need to provide a big bond because these small players cannot afford to post a bond and so they will be exempt frm that.
"A company will be designated a small business if its auditors or accountants confirm that its assets do not exceed $30 million," said Mr. Samuda.
All Government entities have been instructed to provide via their websites, information on contracts to be awarded prior to invitation to tender so that small businesses can prepare themselves to bid for contracts.
http://www.radiojamaica.com/content/view/17539/51/