By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
Residents of West Grand Bahama have access to funding for small businesses through “a special programme” unavailable to other developed communities by way of the Small Business Development Centre, according to Deputy Prime Minister and Finance Minister Peter Turnquest.
During a town meeting on Friday evening at the Eight Mile Rock High School gymnasium, Mr Turnquest said the whole idea behind the SBDC is to have an holistic approach to developing a new entrepreneurial class of Bahamians, especially in the outlying communities often disadvantaged in terms of access to funding.
“We are particularly interested in indigenous communities because we recognise that a lot of these communities are disadvantaged because they do not have access to all the advantages that people may have in Nassau, or even in Freeport.
“And so we want to be paying particular attention to these communities, and we set aside a special programme for those individuals. And so they will have some preferences that the more developed communities may not have,” said DPM Turnquest.
Representatives of the Access Accelerator Small Business Development Centre were in attendance, including executive director Davinia Blair. Ms Blair outlined the various funding available to Bahamians, and noted that government has set aside $25 million to the programme to help people bring their business ideas to reality, and to help existing businesses.
Pakesia Parker-Edgecombe, MP for West Grand Bahama and Bimini, was also present and was pleased that the SBDC came to Eight Mile Rock to inform residents of funding available to them for their businesses.
Mr Turnquest urged residents there to be creative and take a risk. He noted that the government will support them by not only providing funding, but also training in business principles, and provide advisors and mentors to help guide them along to ensure their success.
He said there is a long history of entrepreneurship in the Eight Mile Rock community, but noted that some major businesses have not been able to survive there.
“Isn’t it interesting that people still go to Freeport to shop. You had a foodstore here, a bank here; you even had a KFC here that you closed down. But they couldn’t survive. Why is that?
“It is definitely a need; this is the largest community in The Bahamas, not just in GB. So why is it that those institutions could not survive here?” Mr Turnquest asked.
The minister said residents have to learn to support one another. Secondly, he said they must do their marketing to understand what products and services people want and at what price point.
Mr Turnquest continued: “But there is no doubt that the critical mass is here to support all these services (foodstsore and bank) that we are talking about. That’s what we want to support, we want to help you to develop your own ecosystem so that the wealth that in this community can stay in the community to help build all the infrastructure you need to be successful.”
The minister indicated that the $25 million set aside over the next four years by government is not “free money” and they expect to get a return.
“We do not expect at the end of the four years we would have lost or given away $25 million. We expect we would have invested $25 million, meaning we expect to get a return. Outside of the grants, the loan money we expect you to return it. And even with grant money we expect you to return it because we expect you to be successful, paying business license fees, VAT, and employing people,” he explained. “That’s our investment. So this is not free money.”
Mr Turnquest said that there are all kinds of incentives available for small entrepreneurs through the Industry Encouragement Act and the Family Island Development Act. The problem, he said, is that many persons do not know where to look for them.
“We are going to pair you up with someone that can help - a resource centre.
“I want to emphasize that this is your opportunity to be creative, innovative and...to take a risk and venture out on your own and create something for yourself and others.”
Mr Turnquest noted that the most successful businesses come from small, simple, unique ideas.
“As we look at the developments coming at the harbour and the hotel, and what is happening with the new cruise port, and some other things that will be happening that I am not at liberty to say, there is going to be opportunities (here in GB),” he stressed.
Minister Turnquest stated that the government is standing behind Bahamians and putting its money where its mouth is.
“We are saying don’t be afraid. I told my people I don’t mind losing $5 million - that sounds bad. But I don’t mind losing $5m if it is on taking a risk on Bahamians who have decided to take a calculated risk.”
“Again, I ain’t giving way any money, but we are willing to take a risk with you. We believe a stable small business sector will help us cushion a lot of the down cycles that we have, and so we need you to empower yourself to be able to help us help our country’s development, and have stable environment moving forward,” he said.
Pakesia Parker Edgecombe said WGB has a vibrant small business sector, but a lot of owners do not have access to capital to grow their businesses.
“To have the SBDC come to the area and give us an idea as to how residents can go about getting funding and grow their businesses is very good. The turnout was okay, but I wished we had more people because the information is vital for anyone who wants to succeed in business. I hope that with word of mouth people will realise the centre is there,” she said.
Comments
Well_mudda_take_sic 5 years, 1 month ago
This grossly incompetent quack Turnquest endorses Minnis's use of our VAT dollars for any and every thing but paying down our national debt as promised. 20% VAT coming soon....and Quack Turnquest and Doofus Minnis will once again tell us that this next VAT increase is desperately needed to pay down our soaring national debt. They will then tell us that national insurance contribution rates must again be significantly increased to avoid the national insurance fund going bankrupt. All the while they're lining their pockets with whatever money they take from our pockets, as they merrily engage in their corrupt non-transparent side deals involving family members and cronies. What a joke! LMAO
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