Empowering the Backbone: CEO Wendy Delmar on Small Businesses in the Caribbean

Q: Tell us about the role you have at the Caribbean Association of Banks and the things you’re thinking about these days.

A: I have been with the Caribbean Association of Banks for almost seven years, and it has been a fantastic journey. We are in such a dynamic place as a banking industry. The market has changed so much since I started over 30 years ago.

Our focus has been on small businesses, and I think that’s where our passion really ignited, and why we have forged this wonderful relationship.

Q: Why do you care about small businesses in the context of the Caribbean?

A: The micro, small, and medium-sized enterprises of the Caribbean really are the backbone of the Caribbean economy. They account for the majority of businesses, create jobs, drive innovation across key sectors, including tourism, agriculture, services, and creative industries.

They also face significant structural challenges, which are largely exacerbated by global economic uncertainty, shifting political landscapes, and increasing climate risks. For me personally, I think, oftentimes, we do not give much value and credibility to the small business sector.

Q: With the knowledge that you have, and from the lens of the conversations that you’re having at… this marco level, what’s the number one concern you have for small businesses in the next six months?

A: Predominantly, a couple of the things that really resonate with me are the tariffs and the impact that is going to have on the ability of the small businesses to get their raw materials and move goods, because we are a fragmented state.

The small Caribbean islands are also grappling with supply chain issues. How do we manage that cost to ensure that our small businesses remain protected in an era where it may be more cost-efficient at this stage to order everything online?

So, we’re looking at heritage, we’re looking at culture being eroded, because these small businesses are going to be facing these new and unique challenges.

Q: If you had a Magic Silver Wand… if you could make one change, specifically about how banks and small businesses work together, what would you change?

A: I think, at the heart of it, there has to be trust and communication… My magic wand is, let’s talk to each other.

Q: As Wendy, if you had that same magic wand, what would you do with it?

A: A lot of our entrepreneurs are really creative. They are the ones who really can look beyond tomorrow and see exactly what is needed down the line for years to come.

There needs to be a marriage, someone who brings that structure to your organization. Which is going to make a massive difference between whether you start with a bank and maintain that momentum, or whether there are obstacles that you can overcome.

Q: What is the way that we galvanize trade, support, and purchasing in a way that builds a thriving small business economy in the Caribbean?

A: The answer is through empowerment. Through immersing ourselves in the local and cultural experiences when we visit, and not just coming into the wonderful hotels, but really taking a moment to appreciate the local aspects. The people who make your experiences beyond memorable?

So what we probably need to do is figure out how to take some of the learnings from the larger countries and those who are visiting us and implementing that within the Caribbean context to ensure that we are providing structure and providing long-term opportunities for growth and continuity for these small businesses.

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