Biden administration implementing new regulations for Cuban entrepreneurs

MIAMI — The Biden administration is implementing new regulations that will affect thousands of business owners in Cuba.

The change will allow entrepreneurs in Cuba to import food, equipment and other goods.  

Business owners with up to 100 employees will have Internet access to social media platforms and video-conferencing. Most notable though, U.S. banks will be able to offer accounts to businesses.

“The administration is now fully implementing the May 2022 commitments to the Cuban people. We believe that the growth of an independent, entrepreneurial private sector in Cuba is fully aligned with our values and is the best hope for generating economic development and employment in Cuba,” a senior administration official said. “And the growth of this sector is also consistent with the President’s guidance to implement measures that will benefit the Cuban people while continuing to minimize resources to the Cuban government 

“Young Cubans are eager to earn private sector wages, rather than work for the state. A class of independent business leaders is emerging. I know this because our team, including myself, both in Havana and in Washington, meets with these individuals,” the second official said. “These entrepreneurs look to the United States for inspiration and to develop the necessary skills to run successful businesses.”

The changes exclude any entities that include members of the Cuban Communist Party, Cuban National Assembly members, Cuban military officers, or certain ministry and staff regime propagandists, officials said.