In Cuba, Entrepreneurs Once Cast out are Granted Opportunities to Help Rebuild their Homeland

CUBA -- The private sector has stepped in to help restore one of the country's most famous neighborhoods.

Now, entrepreneurs and independent artists have been called in to help restore parts of a once vibrant area in Havana that used to be lined with exclusive stores, stately balconies and elegant cafes, but has lost its luster in recent years.

A department of the Havana government administration, the Office of the City Historian, has begun to award contracts to restore the iconic avenue.

What's particularly eye-catching about the project is that it allows private companies and freelancers the opportunity to work on public projects.

Watt Electric is an example of the entrepreneurial spirit that began to emerge in Cuba as the island started to open up back in 2010. It's working to restore the street lights. The company started as a group of three self-employed workers making electricity facilities in the capitol building in Havana.

It's now taken advantage of a change in the law that allows the return of small and medium-sized enterprises or SMEs  a corporate status that was abolished in 19-68 in a revolutionary offensive against the last vestiges of private property.

This will allow Watt Electric to have a clear legal status, sign contracts, offer guarantees, and export or import goods.

Since the law changed last September, the government has approved more than 1,700 SMEs.

Officials say it's expected to generate more than 27,000 new jobs.