It is no secret to anyone that small and medium-sized businesses (Cuban MSMEs) are mostly supported by financing from Miami, where the majority of Cubans abroad live. But that is going to change soon, with this new law in the US.
At the end of March, we had already told you here that in the United States Congress, a state budget allocation law had been presented, where financing was limited to certain Cuban MSMEs that were shown to have links with the government of Miguel Díaz-Canel.
The project presented by Cuban-American congressmen proposes strong measures to prevent the current administration of Joe Biden from diverting economic resources of democratic origin to these Cuban MSMEs. It includes those programs called “entrepreneurship programs” that are linked to private corporations in Cuba.
Well, this April 3, from Miami, there was more progress on this law that will cut off financing to Cuban MSMEs from the United States. It is already approved and regarding to be applied.
Cuban MSMEs and financing from Miami
Why is this measure taken to limit or cut off financing to Cuban MSMEs from Miami or the United States in general? Well, from there, they denounce that these companies, which have ties to American businessmen and politicians, are under the influence of the Cuban government. For this reason, monetary aid to some of these micro, small and medium enterprises (MSMEs) has been prohibited.
In addition, the prohibition of monetary aid to some Cuban MSMEs might have a direct impact on initiatives such as the Small Grants Program of the Public Affairs Section of the US Embassy in Havana. This program provided up to $400,000 in financing for entrepreneurial projects on the island.
Congressman Mario Díaz-Balart stated this Wednesday in Miami that it is a reality that the United States Congress approved a law that limits the use of federal funds to promote entrepreneurship in Cuba, specifically for micro, small and medium-sized enterprises. companies (MSMEs).
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