The State of Small Business in Barbados

National Survey of the Small Business Sector (Barbados)

2.2.2 Differences by Firm Size

Table 2.2 Sectoral Impact of COVID-19 on Businesses

Full Closure

Temporary Closure

Total

Industry

Downsizing No Closure

Construction, Mining & Quarrying

70

15

10

5

100% 100% 100% 100% 100% 100% 100%

Hotels & Restaurants

51.1 23.2

25.5 46.5 33.3

13.4

10

Finance & Business Services

15

15.3 27.8 12.7 30.8 15.4

Manufacturing

5.6

33.3 30.3 24.2

Personal & Other Services

30 20

27 25

Transport, Storage & Communications

Wholesale & Retail

37.5

32.1

15

Business disruption varied significantly by industry, with construction and tourism-related sectors experiencing the highest levels of closure, while manufacturing and service-based industries showed more diversified adjustment strategies.

Business Ownership by Gender: 2016 vs 2025 2016 2025

2.3 Gender and Ownership

The analysis of ownership structure shows that male-only or male dominant ownership remains the most common arrangement among MSMEs, accounting for approximately 52.4 per cent of businesses (male ownership was at 59.6% in 2016) – see Figure 2.4.

59.6%

60%

52.7%

50%

40.0%

40%

34.4%

30%

20%

Percentage (%)

10%

6.1% 7.3%

0%

Female-owned

Male-owned

Equal ownership

Figure 2.4 Comparisons of Business Ownership by Gender (2016 vs 2025)

However, female-only or female-dominant enterprises also represent a relatively substantial share of the MSME sector (40 per cent), highlighting the significant role of women in business ownership (female ownership was at 34.4% in 2016). Only a small proportion of firms (7 per cent) report equal male and female ownership, suggesting that shared ownership structures are relatively uncommon. Overall, the findings point to a profile in which male-only or male dominant ownership in MSMEs is still predominant across the local landscape, but where female-only or female-predominant ownership has gradually increased over the last nine to ten years.

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Small Business Association of Barbados