Bahamas News
BAHAMAS: Kwasi Thompson, Minister of State for Finance New Crowdfunding Regulations
#TheBahamas, July 10, 2021 – Good afternoon. I am pleased to be here today to celebrate the ground-breaking transformation taking place with our financial landscape here in The Bahamas. From the start of our tenure, this administration has made it a priority to uplift Bahamian micro-, small, and medium-sized enterprises, also known as MSMEs. At every step of the way, we have focused on creating new opportunities for growth and support of this critical sector of our economy and society.
Since we launched the Access Accelerator Small Business Development Center in 2018, this Administration has since injected over $60 Million into small businesses across the country in the form of grants and loan-guarantees. By any reasonable metric, this administration has done more to support Bahamian Entrepreneurs and Small Businesses than any administration prior. It is a track record that we are immensely proud of.
Today, we make another revolutionary step in the development of entrepreneurial and small business opportunities in The Bahamas.
The Economic Recovery Committee, established by the Prime Minister, provided a number of recommendations to support more and more Bahamians getting into business so that we can have more dynamic and inclusive economic growth. One of those recommendations was that the government: “Implement legislation to facilitate and support crowd sourcing and junior stock markets to expand access to capital by Bahamian businesses.”
I am pleased to report that the government has heeded that recommendation. As such the Cabinet of The Bahamas recently approved new regulations from the Securities Commission that establishes a legal framework to allow MSMEs to participate in what is commonly referred to as “crowdfunding”. These regulations have been gazetted, released to the public and are now in effect.
Crowdfunding is a modern form of business financing that allows small businesses to raise money from many small investors, typically using online platforms. These reforms represent a gamechanger for business ownership and entrepreneurship in our country.
With these new and innovative crowdfunding regulations, we are furthering the potential of MSMEs to raise more investment money on the private capital market. We are breaking down the walls that were once only able to be traversed by big corporate players. A new wave of possibilities for Bahamian ownership and entrepreneurship is here.
Crowdfunding is a relatively inexpensive way to raise capital for a start-up when compared to traditional means such as bank loans or initial public offerings. Over the last decade or so, crowdfunding has gained popularity in the start-up world. Particularly after the 2008 financial crisis, the cost of borrowing funds from banks became exorbitantly expensive. Pair that with the complexities and costs of debuting a public offering, entrepreneurs were left with little options to source the capital they needed to make their ideas reality.
This is where crowdfunding has been incredibly useful. Entrepreneurs can avoid the expensive and often onerous processes involved with traditional fundraising and secure debt-free capital by selling a stake in their businesses, but yet while maintaining control of their companies. Through the advent of financial technology, or “Fintech”, crowdfunding has become even simpler. Online platforms can be developed to host businesses and investors alike and orchestrate crowdfunding with the click of button.
The new rules are now in effect and they represent a game changer. Eligible entrepreneurs can raise up to $5 million to put towards the development of their start-ups or existing small businesses. And better, the platforms allow them to raise this money from citizens and residents across the country who are interested in investing in promising businesses.
This administration is streamlining the bureaucracy. We are undertaking real structural reform. We are allowing Bahamian entrepreneurs and small businesses to have the same kind of opportunity to raise capital like the big businesses currently do.
For example, interested individuals will not be required to file the typical prospectus with the Commission as would be needed for a public offering. Instead, they would file a streamlined ‘Crowdfund Offering Document’ or “COD” prior to conducting a crowdfund distribution. This is a significantly less expensive process when compared to the minimum $20,000 prospectus. . This is just one way that we are breaking down the barriers for Bahamian entrepreneurs and small businesses to raise capital in The Bahamas.
The new crowdfund rules provide an appropriate balance between access to capital for entrepreneurs and, of course, provisions to ensure protection for potential investors. The rules also seek to minimize systemic and jurisdiction risks.
These innovative regulations have already created space for the establishment of the nation’s first licensed equity crowdfunding platform, which goes by the name Arawak X. I understand as well that The Bahamas International Stock Exchange (or BISX) has also been approved to establish its own similar platform to raise funding for Bahamian Small Businesses. We expect to see even more innovators come forth as a result of the new framework highlighted today.
I thank the Securities Commission, the Economic Recovery Committee, and everyone who worked tirelessly to outline and implement the new crowdfunding rules. I am so excited to see the creative ventures that will grow as a result of this work. Thank you.
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
