Microfinance Focus April 25, 2011: The Cuba Study Group in collaboration with Americas Society/Council of the Americas and the Center for Financial Inclusion at ACCION International, recently released a whitepaper titled ‘Supporting Small Business in Cuba: Recommendations for Private and Public Sector Leaders.’

The report was released just days before the Communist Party of Cuba celebrated its sixth congress for the first time in 13 years and outlines specific steps the Cuban government, the U.S. government and private sector, NGO and foundation leaders could take to support micro and small businesses in Cuba.

Recommendations outlined in the report talk about specific short and medium-term private initiatives to provide micro and small businesses in Cuba with the resources and information needed to succeed. The recommendations include delivering business training to Cuban entrepreneurs, establishing partnerships between Cuban universities and international NGOs, conducting market research of the environment in which these businesses operate, creating a targeted remittance to entrepreneur program, deploying microfinance funds and establishing an enterprise fund.

Josh Goldstein, Principal Director, Center for Financial Inclusion at ACCION International recently said, “There is a widespread recognition by the Cuban leadership that economic reform is the only way out of the decade long malaise they find themselves in.  Now with the laying off of up to one million state employees, the rapid development of a vigorous micro and small business sector offers a promising alternative to another decade of stagnation and decay.”

The whitepaper also lists steps that the U.S. President and Congress can take to ensure that U.S. sanctions do not hinder small business development in Cuba.

To study the report click here