The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government-sponsored venture capital fund is looking to expand its investments further into the Family Islands, its vice-chairman telling Tribune Business that more than 50 businesses had received funding to-date.

Edison Sumner told Tribune Business that while most of the Bahamas Entrepreneurial Venture Fund’s funding had been directed to New Providence-based ventures, it was looking to expand into the Family Islands.

“The venture fund is in the process of investing in small businesses throughout the country, and we want to have more investments in other islands,” he said.

“We’re encouraging small and medium-sized enterprises to come to the fund, present their business plans and ideas so that we can give them consideration. We have had some successful ventures, we have had some not so successful ones.”

Mr Sumner added: “We are able to invest up to about $200,000 in an equity investment in companies. We have moved away from providing debt financing to just equity financing. We want to encourage people to take advantage of the opportunity.”

He said the fund has invested in more than 50 businesses to-date. “Small and medium sized enterprises are the engines that drive the economy, and we want to encourage that,” Mr Sumner said.

“The majority of businesses who have received funding are in New Providence. We are going to be moving throughout the country. We have funded to-date in excess of 50 business throughout the county. Some are doing quite well and some are struggling.”

Mr Sumner said the fund was taking a more active role in the management of businesses, particularly ones which the fund had an equity stake in.