Bahamas News
Access Accelerator Small Business Development Centre Launched in Grand Bahama
#Freeport, GB, February 3, 2019 – Bahamas – Funding for micro, small and medium sized businesses is now available, Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said during the launch of the Access Accelerator Small Business Development Centre.
“Unfortunately, the dream of starting a business is often overshadowed by how much of a hassle it can be; and I can tell you from personal experience, particularly as a Grand Bahamian, the struggle is real, DPM Turnquest said at the launch held at the Bishop Michael Eldon Auditorium, Thursday, January 31, 2019.
He added, “It is true that many of the most successful businesspersons all over the world arrived at success only on their third, fourth of fifth try at success. But it is also true that in The Bahamas, we are still far from having a culture of entrepreneurship that supports small businesses and aspiring business owners.”
Also in attendance at the launch were: Jeffrey Andrews, chairman of the Small Business Development Centre (SBDC) Board of Directors; Gregory Laroda, president, Grand Bahama Chamber of Commerce; Kevin Darling, Royal Bank of Canada; David Rolle, Bahamas Development Bank; Michael Cunningham, Bahamas Development Bank; and Dr. Ian Strachan, University of The Bahamas.
DPM Turnquest said many have been trained to chase jobs rather than be self-employed and in Grand Bahama some have been expected to work for government, BORCO or at the Port, instead of opening a hair salon or plumbing business.
“Many parents are naturally looking for security for their children, and want to teach them practical skills, but in this 21st century, it is safe for young people to take bigger risks; to believe in themselves and to invest in their dreams.”
He noted that a culture of entrepreneurship needs to be created in the country and micro, small and medium sized businesses should be valued more.
“We must do this beyond helping entrepreneurs to believe in themselves. We must help them to start and grow their businesses; and we must help them to thrive.”
The DPM referred to the Access Accelerator SBDC as the vehicle to stimulate Bahamian ownership. He said, “The SBDC is the centre stone of the Government’s campaign to stimulate Bahamian ownership, to invest in entrepreneurs and to provide micro, small and medium sized businesses the incentives and assistance needed to survive and thrive. This is a core part of our recipe to grow the economy and thereby create jobs and wealth.
“This programme is very unique because it takes entrepreneurs from inception to financing; and it provides mentorship and handholding even after new businesses have started operating.
“In the past, we have had programmes that provided entrepreneurship training, but access to capital for new businesses was nearly impossible to secure. There have been programmes that offered financing, but the mentorship was non-existent. The SBDC takes a holistic approach that considers the full range of needs that entrepreneurs have. So Grand Bahama, I want you to spread the word and put the SBDC to work, because they are here for you!”
The DPM also explained that through the SDBC, Bahamian entrepreneurs will have access to: Government Guaranteed Loans; Business Grants; and Equity Financing. Further, a large portion of the grants will be earmarked specifically for impoverished youth up to the age of 40 from the Family Islands.
“The Loan Guarantee Programme will allow Bahamians to access loan money to invest in their businesses without having to meet the traditional equity requirements. The average entrepreneur starting a business does not have a house to put down as equity or a large inheritance to put aside. The Loan Guarantee Programme will make financing accessible for participants who go through the SBDC training and advisory programme.”
He also noted that under the programme, the frustration of the lack of funding will be removed and potential entrepreneurs will have access to training and advisory services. In addition, with the signing with the Bahamas Development Bank and Royal Bank of Canada, it is expected that banks may look differently at investing in small businesses.
The DPM introduced five entrepreneurs who have participated in the SBDC’s training and advisory programme and who have advanced to the funding stage: Petula Henfield, a pizzeria owner; Nicole Johnson, a private internment and related services provider; Sherril Bethel, a sea glass jewellery designer; Moses Pitter, a full service solar energy product manufacturer; and Kenroy Harris, who produces fresh drinking water and ice.
By Robyn Adderley
Release: BIS
Photo Captions:
Header: The Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest (centre) along with Kevin Darling of the Royal Bank of Canada (left) and Jeffrey Andrews, chairman, Small Business Development Centre, signed an agreement enabling micro, small and medium sized businesses to access funding following training.
First Insert: Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, announced the official launch of the Access Accelerator Small Business Development Centre during a town meeting at the Bishop Michael Eldon School Auditorium, Thursday, January 31.
Second Insert: The official launch of the Access Accelerator Small Business Development Centre was well attended, Thursday, January 31.
(BIS Photos/Lisa Davis)
Rashaed Esson
Staff Writer
#TheBahamas#RoyalCaribbean, April 23, 2024- After being delayed following its announcement in 2020, Royal Caribbean’s new 17 acre Royal Beach Club on Paradise Island in Nassau, Bahamas, is now in the works and is scheduled to be ready for 2025, according to reports. A groundbreaking ceremony was held on Monday April 22, signifying the start of construction in the next few months. This project is huge for The Bahamas as it’s a first of kind for the nation, with a unique public private partnership allowing Bahamians to hold up to 49 percent in equity.
Nassau, THE BAHAMAS — Some of the most successful and accomplished professionals and business leaders in the country
recently shared their experiences and nuggets of wisdom with students at University of The Bahamas (UB) about thriving in a wide range of careers.
The University Centre for Counselling and Career Services and the Career and Job Placement Advisory Unit collaborated to host the 2024 Career Symposium which brought students face to face with leaders in the careers to which they aspire.
Vice President of Academic Affairs, Dr. Maria Oriakhi, said the symposium was key to developing potential as university students strive to leave their mark on the world.
Ms. Rickell Curry
“In the spirit of collaboration and growth, let us engage in meaningful dialogue, cultivate relationships, and harness the power of collective wisdom to shape our futures,” said Dr. Oriakhi. “Together, let us embark on this journey of exploration and discovery, united in our commitment to realizing our fullest potential and making meaningful contributions to our communities and beyond.”
Promoting careers in psychology, Ms. Curry noted that psychologists are equipped with the ability to help others, troubleshoot areas of weakness within themselves, and become better people and professionals in the process.
“The floor is yours to be able to explore. There’s no job where you don’t have to deal with people, so learning, even if you get a bachelor’s in psychology, is a great grounding,” she said.
Dr. Darville, one of few interventional radiologists in The Bahamas, offered another nugget of advice on choosing an area of study.
Dr. Elizabeth Darville
“It is important to know enough about yourself in order to make the decisions you want to make,” said Dr. Darville. “You have to work on yourself first and know what you want to do. Radiology gives you a chance to have fun. It gives you a chance to mold your career closer to your personal life than other medical specialties might.”
Another growing field is project management which Mr. Hepburn called a life skill. He also urged a commitment to lifelong learning.
“Individuals that continue to learn become unstoppable, period,” said Mr. Hepburn. “It is so true. When you learn, you become unstoppable because nothing can stop you in your process of development.
Mr. Wellington Hepburn
“The more you know, the more valuable you are. We need individuals who are cross functional—that can operate in different capacities. So please understand that your learning should never stop.”
With small and medium-sized businesses helping to drive the economy at an incredible rate, Ms. Rolle affirmed the importance of entrepreneurship in any economy.
“When we talk about entrepreneurship, we usually look at it from a myopic standpoint,” she said. Ms. Rolle. “What do I mean by that? Small, but usually about self: ‘how do I make more money?’ And in some cases, some look at entrepreneurship as a way of survival. ‘I need to make a couple extra dollars, I have this bill to pay’. Those types of things.
Ms. Samantha Rolle
“But entrepreneurship really, in its truest form, is about innovation, whether it’s a new concept or any existing concept that you innovate new ways, or help expand the economy.”
The career symposium was held at the Harry C. Moore Library and Information Centre and is held every academic year.
PHOTO CAPTIONS
- Career Symposium 1: UB Vice President of Academic Affairs, Dr. Maria Oriakhi, delivers the opening address at the 2024 Career Symposium.
- Career Symposium 2: Students and guest speakers enjoy a lighthearted moment during the 2024 Career Symposium.
- Career Symposium 3: Ms. Rickell Curry speaks to students during the 2024 Career Symposium.
- Career Symposium 4: Dr. Elizabeth Darville delivers remarks during the 2024 Career Symposium.
- Career Symposium 5: Mr. Wellington Hepburn educates students on the importance of project management during the 2024 Career Symposium.
- Career Symposium 6: Ms. Samantha Rolle talks about the role and importance of entrepreneurs and entrepreneurship in any economy.
Office of University Relations
University of The Bahamas
2nd Floor, Michael H. Eldon Complex
Oakes Field Campus
P.O. Box N-4912
Nassau, The Bahamas
Tel: (242) 302-4355/4354/4365
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