The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government was yesterday urged to implement initiatives to encourage Bahamian as well as foreign investment in the Family Islands, with private sector representative telling Tribune Business that Scotiabank’s decision to close branches on Eleuthera and Long Island “definitely does not help”.

  The bank announced that it will be closing branches at Stella Maris and North Eleuthera, with the locations in Rock Sound and Buckleys converted into service centres.

Thomas Sands, the Eleuthera Chamber of Commerce president, told Tribune Business: “The Bahamas government must realise that there are real challenges in the Family Islands. They must put in initiatives and programmes to encourage domestic and further international investment, sustained investment in the Family Islands.

“The Family Islands continue to experience extreme challenges in their daily operations. When you look at the cost of shipping, for instance, it is much more expensive to a business in  the Family Islands versus Nassau. These are real challenges that we face in trying  to survive in the islands. This situation with Scotiabank definitely does not help.”

    Mr Sands added: “Any further unemployment in the Family Islands is tough. Any more people unemployed has a knock-on effect. I think also beyond the employment, investors looking at putting money into the Family Islands, and even if it’s for having a home in the Family Islands, there is a level of banking that is required.

“Beyond that, operating a business, or any kind of other operation where there needs to be movement or access to cash for daily retail operations will be impacted in these communities. There is also the safety aspect, meaning that if there are banks at other locations, businesses must move cash to another location. That makes them more vulnerable.”

    Cheryl de Goicochea, the Long Island Chamber of Commerce president, told Tribune Business: “I cannot say how many people are employed at the Stella Maris branch.

“However, whether it’s a large or small number, it’s always a negative when people lose their jobs, and it impacts us all in some way or the other. Jobs are not very easy to come by on the island.

“It will be hard for those persons residing and doing business in the northern part of the island, as with the closure it will mean them having to travel to the middle of the island where the RBC branch is located, or even further south to get to the Soctia branch in Buckley’s.”

She added: “This extra drive time is costly and can break up a productive day. This closure also takes away the convenience of the ATM for residents and visitors to the island.  

“This branch was very convenient for guests staying at Stella Maris Resort and Cape Santa Maria Resort, the two major resorts on the island.  Northern businesses and other customers will not have the convenience of making night deposits.”