A Cabinet minister has branded as a "game changer" the development of a $5m grant funding initiative for the farming and fisheries industries.
Michael Pintard, minister of agriculture and fisheries, said his ministry had partnered with the Access Accelerator Small Business Development Centre (SBDC) to support these sectors throughout The Bahamas.
“We must accomplish our objectives, and take decisive and bold steps toward food security. We will rebuild this economy, and agriculture and marine resources will play a pivotal role in that rebuild. This programme, in the first instance, has $5m set aside for fishing and agri-business funding," Mr Pintard said.
“These funds will be in the form of grants as follows: micro – $10,000 and under; small - $10,001 to $25,000; and medium - $25,001 to $50,000.” He added that large agricultural projects (worth over $50,000) will also be eligible for funding in the form of loans and equity financing.
“This collaboration will be the first of many as my ministry seeks to leverage various opportunities for farmers and fishers. This particular grant window is open to new and existing businesses in the agricultural and fisheries industries,” Mr Pintard said. “We will also support the creation of new technologies that accelerate growth in our sector."
He added that eligible businesses include those engaged in fishing for any marine resource for onward sale or processing, and agricultural enterprises including forestry; horticulture and the use of land for the purpose of husbandry; the keeping or breeding of livestock, poultry or bees; the cultivation or processing of fruit, vegetables and the like; and the establishment of grasslands.
Mr Pintard said the Government has adopted a policy requiring all entities that import fresh and processed food to first purchase 40 per cent of these items from Bahamian producers.
“We recognise that there are gaps along the supply chain that hinder some of our producers from achieving 40 per cent sales to food stores, restaurants and hotels, or providing 75 per cent of the foods purchase by government entities," he added.
“Therefore, this collaboration and our partnership with other financial services entities would enable us to fund businesses that plug gaps along the supply chain.”
Mr Pintard said the ministry’s goal is to foster Bahamian ownership and participation in the agricultural and fisheries sector. The tie-up with the SBDC, he added, is designed to give more agri-entrepreneurs and fishermen access to capital to get into business.
Davinia Blair, the SBDC's executive director, added that prior to the grant partnership some $1.05m worth of funding had been facilitated to 42 entities in the agriculture and fisheries sector via the Access Accelerator.
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