Published On:Monday, March 15, 2010

By NEIL HARTNELL

Tribune Business Editor

THE Government-sponsored National Training Programme is aiming to select 30-50 entrepreneurs for its Micro Finance initiative, which will be "up and running" by end-April 2010, its chairman telling Tribune Business he hoped this "structured" approach to business incubation could become a permanent fixture.

Khaalis Rolle, who is also the Bahamas Chamber of Commerce's president, said the programme was now just awaiting "the formal written recommendation" on its grant funding, and how this would be divided between the budding entrepreneurs, although the Government had already budgeted for a $300,000 allocation.

"This is the Micro Finance end of it, the 'Start your own Business' part," Mr Rolle said of the National Training Programme's current status. "We've started the application part, and hope to begin interviews very shortly.

End

"We're targeting the end of April for having this up and running, with grants approved, business plans reviewed and persons selected. We've taken 100 applications in total, and out of those we will select anywhere between 30-50."

Mr Rolle told Tribune Business the International Labour Organisation (ILO) had been brought into review the Micro Finance initiative and the various grant/funding options. The organisation had already interviewed participants and many stakeholders involved, including government and bank officials, plus institutions that have been integral to the National Training Programme, the College of the Bahamas (COB) and Bahamas Technical and Vocational Institute (BTVI), both here and in Nassau.

Whether the National Training Programme, including its Micro Finance initiative, became permanent currently depended on the Government, but Mr Rolle told Tribune Business he "most certainly would like it to be" an established plan.

"Long-term, it would be something that could provide some significant benefits," Mr Rolle said. "I believe this is where the private sector should become actively involved.

"The Government, with this initiative, was responding to an immediate crisis, but for long-term sustainability it's going to need more than the Government to be involved. The private sector has to become actively involved in this."

And he added: "I think any effort similar to this is critical. It encourages people to develop the entrepreneurial mindset. We don't lack drive and determination, but with this process the benefit is the way it is structured.

Support

"We're providing them with initial support to assist in developing these businesses, and have a review process to assist them in managing these businesses. They will go through a training process offered by the ILO and BTVI, who will help to develop proposals, develop business plans. They'll go through a whole training programme as to how to structure your business, manage your business.

"I believe it's better done that way because it provides the entrepreneur with the initial support and focused approach to business training and mentoring that is absent in starting most businesses in the Bahamas."

Mr Rolle added of the programme: "While this is somewhat of a test case, it can be used for what could happen on a wider scale for an incubator programme. That's why I'm looking forward to this phase of the programme being executed."