BAHAMAS: BDB Has Small Business Development Focus at its 40th Anniversary

#Bahamas, April 30, 2018 – Nassau – “I want to invite the Bahamian public, particularly young enterprising Bahamians, to take another look at Bahamas Development Bank (BDB) as a source of financing and support” said the Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest at a press conference observing the 40th Anniversary of The Bahamas Development Bank.

Mr. Turnquest, and Chairman of the BDB Lynden Nairn, on April 26, announced the bank’s commitment at this juncture to develop micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

In January, the government committed an unprecedented $25 million towards the development of small businesses over the next five years, including the launch of a Small Business Development Centre.

Minister Turnquest said, “We want the majority of this investment to get into the hands of entrepreneurs to fuel and fund their dreams.”  The Minister of Finance brought reassurance to Bahamians that the government is committed to the bank’s success and he called on BDB to be even more nimble, dynamic and innovative with its business and development support services to MSMEs, and responsive to the changing demands of the market.

The bank recently successfully launched an apiary (bee-keeping) program in Grand Bahama and is working closely with the Ministry of Agriculture and Marine Resources to build a robust poultry sector and support the agricultural sector more broadly.

The Deputy Prime Minister said, on a positive note, “according to the audited results, the bank’s efforts are yielding positive results when it comes to stemming the tide of losses,” which he said declined 43 percent last year.

By Sydnei L. Isaacs