By NATARIO McKENZIE
Tribune Business Reporter
THE Bahamas Striping Group of Companies (BSGC) Investment Group yesterday launched its new website to allow entrepreneurs to apply for funding from a $1 million facility.
The Investment Group was launched in mid-August, at which time three local entrepreneurs became recipients of funding to grow their businesses. TheBSGC was born in 2010 from a $5,000 self-starter grant to its original company, Bahamas Striping, and has now grown to a multi-layered enterprise, including Airport Maintenance Services, Caribbean Pavement Solutions, Bahamas Themed Photography and Abaco Caribbean Holdings.
“There are no restrictions as to the type of businesses we are looking to assist in building into profitable ventures,” said Felix Stubbs, TIG’s board chairman who also served as chairman of the National Development Plan Steering Committee, a committee formed by the last administration to create a 25-year strategic plan for the nation. “Any young entrepreneur with a great business idea we will look at the application. It has to be a viable business with a compelling business plan. We need to believe that the business has a future.”
Mick Holding TIG’s vice chairman and president of the Grand Bahama Chamber of Commerce said: “On the one hand we are helping either new business start-up or existing business expand to help boost the economy generally but we also have the objective of making those business successful and sharing in their success.”
“That’s where our approach differs from other lenders. We not only invest money but also invest our board’s experience and expertise. We assist in the development. Then, we will exit, typically in a buy back share strategy, whenever the entrepreneur feels I’m big and strong enough to run on my own.”
“It’s incredibly rewarding to be able to assist in growing and developing small businesses,” said Bahamas String Group of Companies president, Atario Mitchell. “The goal is to take good business ideas, develop them into great self-sustaining, moneymaking ventures that are ultimately benefiting the economy.”