Gov’t allocates $4.5m for GB growth revival

As of Friday, June 10, 2022

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Cabinet minister yesterday said some $360,000 has been set aside to finance micro, small and medium-sized (MSME) businesses and entrepreneurs in Grand Bahama.

Ginger Moxey, minister for Grand Bahama, told the House of Assembly during her Budget debate contribution that these funds are part of a $4.5m allocation to her ministry that is intended to help revive the island’s economic growth and development.

“Whilst the COLLAB unit was provided $3.7m, representing 27.6 percent of the overall budget, there’s an additional $170,000 for sister city relationship development that I will explain further; $240,000 for marketing and promotion because we will be promoting Grand Bahama around the world; $210,000 for small business development; another $150,000 for grant funding development; and $50,000 for the Grand Bahama Humane Society,” she said.

“All of this totalling $4.5m, or 34 percent of the overall budget.” COLLAB: Partnerships for Development is a public-private partnership launched this March, and which is designed to foster growth on the island in addition to small business development.

Mrs Moxey added: “A few examples of projects that will fall under COLLAB include Recover Grand Bahama, Beautiful Grand Bahama and Empower Grand Bahama.

“There will be one major event every year that will bring visitors to our shores. We will be tapping into climate change grant opportunities, developing local and international relationships for community development and engaging in event partnership as we develop an exciting calendar of events for Grand Bahama.

“And Grand Bahama, we are going to get the Small Business Development Centre (SBDC) to work for you also,” Mrs Moxey said. “So expect to see some approvals coming our way. It is important to establish that the $3.7m allocated for COLLAB is not what is going to be the major player in making things happen.” She added that the “new currency is partnership”, and that is what will make Grand Bahama grow.