Published On:Friday, January 27, 2012

PRIME Minister Hubert Ingraham said he is encouraged by the "diversity" of those awarded grants to support their enterprising business ideas under the new Jump-Start programme.

The 72 recipients are men and women - young and old - Mr Ingraham said at the official launch of the initiative, which aims at helping fledgling entrepreneurs get their dreams off the ground.

He noted that 47 are from New Providence and 25 from Grand Bahama. They were funded to a total of $530,000, representing one third of the $1.5 million the government has allocated for Jump Start for this fiscal year.

"Your applications have been approved to provide funding for tourism-related businesses engaged in a wide variety of activities: manufacturers of straw goods - handbags, hats, floor mats, place mats, etcetera, operators of sports fishing tours, rentals of fishing gear and of yachts, producers of sea-shell craft, manufacturers of jewellery and other accessories, producers of fruit juices and operators of fruit and cocktail juice stands, persons engaged in the sale of souvenirs, the rental of snorkel gear and beach towels and including musicians engaged at resorts and other places of entertainment," Mr Ingraham said.

He said awards will soon be made to Family Island applicants as well.

The programme, open to individuals over 30, is meant to encourage aspiration and "help facilitate the dreams flowing from the imaginations of Bahamians desiring to go into business but who lack the necessary capital funding to do so," Mr Ingraham said.

He said other programmes introduced by his government include the Self-Starter programme, which targets budding entrepreneurs between the ages of 18 and 29; and the National Job-Readiness and Skills (NJRST) programme.

Mr Ingraham told of his meeting with a young business owner who got his start through Self-Starter, and who was recently subcontracted to do electrical work on the new Office of the Prime Minister.

"He told me how grateful he was for the assistance provided to him through the Self-Starter Programme. He said that the funding made available to him made the difference between his being able to open his own business and employ others and remaining an employee of somebody else. Self Starter made him a successful businessman," the prime minister said.

He also noted that the NJRST has provided employment and skills training to 3,000 Bahamians who were previously unemployed.

"Without this programme many of these persons would have been 'on the blocks' or otherwise idle, out of work and in financial difficulties.

"Through these two initiatives, even in these very trying times, thousands of Bahamians are being provided with employment, skills training and also opportunities to become business-owners and employers of additional Bahamians," Mr Ingraham said.

He said Jump-Start is another "bold step" in the government's efforts to foster greater entrepreneurship, private sector business development and Bahamian ownership of small businesses providing valuable services to the economy.

Each hopeful can apply for a grant of up to $7,500, to make payments on current invoices for goods and supplies required for their approved business enterprise.

Mr Ingraham said: "Every approved applicant would not need $7,500. We will only pay up to what is justifiably required for your business. The monies may only be used in respect of the approved business; you cannot pay other bills unconnected to the approved business with monies from this programme."

He said that, eventually, 200 applicants will be approved to participate.