The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

THE Bahamas Entrepreneurial Venture Fund has contributed about $1m to Andros businesses, according to Edison Sumner.

Mr Sumner, a principal of Sumner’s Strategic Partners, was speaking at the Andros Chamber of Commerce Economic and Investment Conclave yesterday and said several businesses on the island have obtained financing through the fund but it “pales in comparison” to what can be done for the island.

He said: “The Bahamas Entrepreneurial Venture Fund is here to support the business community in Andros. We want to see more businesses and Andros Island; we want to see more businesses accessing the funding that we provide. Right now, we have about three or four businesses in Andros that we have funded. We wanted to see more of that happening.

“I don’t know the exact amount, but we have put in probably about a million dollars in Andros. We have made significant investments on the island already but it pales in comparison to what can be done on the other potential that we see on the island.”

Mr Sumner, a former director and CEO of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), said businesses in the tourism, real estate, agriculture and manufacturing sectors can access up to $150,000 in debt funding or up to $250,000 in equity funding.

He said: “Andros businesses can access through the Venture Fund, up to $150,000 in debt funding, or up to $250,000 in equity funding. That can come for support in the bonefishing area in building second homes for short term rental spaces, in some level of agribusiness technology that we funded before and looking at other kinds of cottage industries. But if there are also strong manufacturing type concerns, we’d be interested in looking at those as well.

“Businesses are not restricted from applying for funding to the venture fund. The majority of our funds to date have been placed in New Providence, but we would love to see more businesses out of Andros accessing the funding that we provide and then also, as they access those funding, they will also be able to build up the industries on this island and in building those industries, will have the support of the venture fund.”

He said the venture fund will also assist businesses with their business model and attracting consumers to sustain their growth.

He said: “Once we fund the business, we’re going to also work with that business to ensure that they are managed properly that they develop. We’re going to assist them with getting the market access and customer acquisition and building a very solid business model foundation for the business to thrive.

“So we got to be able to provide that level of expertise to those businesses here as well. So it’s not just about funding, it’s also providing other technical support and resources to support those businesses once they’ve been funded.”