I am very pleased to be here this evening to
participate in this ceremony for 72 young Bahamians as they begin to fulfill their
entrepreneurial dreams.
This programme is a part of a variety of initiatives put
in place by my Government to support small Bahamian business – its development
and growth. This programme,
available to individuals over age 30, is meant to encourage the aspirations and
help facilitate the dreams flowing from the imaginations of Bahamians desiring
to go into business but who lack the necessary capital funding to do so. Other notable programmes introduced by
my Government include Self-Starters which targets budding entrepreneurs between
the ages of 18 and 29 and the National Job-Readiness and Skills Programme.
The SelfStarter Programme provides for up to $5,000 in
seed money to be made available to cover specific costs incurred by new
business persons – i.e. raw materials, supplies or equipment. Already 600 small businesses are
beneficiaries under the programme.
I was especially happy and proud to meet, only a
number of weeks ago, a young Bahamian business owner, Mr. Ranrick Adderley,
proprietor of Fibre Electrical Co. Ltd.
Mr. Adderley just so happened to be the subcontracted electrician
engaged on the renovation project at the new Office of the Prime Minister. Mr. Adderley was introduced to me when
I visited the site one weekend. He
told me how grateful he was for the assistance provided to him through the
SelfStarter Programme. He said
that the funding made available to him made the difference between his being
able to open his own business and employ others and remaining an employee of
somebody else. SelfStarter made him a successful businessman.
To date the National Job Readiness and Skills Training
programme has provided employment, jobs and skills training for 3,000
individuals who were previously unemployed. Without this programme many of these persons would have been
“on the blocks” or otherwise idle, out of work and in financial difficulties.
Through these two initiatives, even in these very
trying times, thousands of Bahamians are being provided with employment, skills
training and also opportunities to become business-owners and employers of
additional Bahamians.
Today we take another bold step to enhance the
Government’s efforts to foster greater entrepreneurship, private sector
business development and Bahamian ownership of small businesses providing
valuable services to the Bahamian economy.
Today we begin “Jumpstart”. This Programme, announced last May during the Budget
Communication, will make monies available, up to $7,500, to make payments in
respect of current invoices for goods and supplies required in your approved
business enterprise. $7,500 is the
maximum. Every approved applicant would
not need $7,500. We will only pay
up to what is justifiably required for your business. The monies may only be used in respect of the approved
business; you cannot pay other bills unconnected to the approved business with
monies from this programme.
The Ministry of Finance, which is responsible for the
administration of this programme, has designated persons to receive your
submissions of invoices, process them and have cheques made payable to your
suppliers.
You represent the first of some 200 individuals who
will be approved to participate in this programme. Your businesses are
generally connected to providing goods or services to the tourism sector. We are happy to support your business
proposals because your proposals were thoughtfully considered and are expected
to result in successful business undertakings. Your success in business will deepen the local value-added
to our tourism product, an important goal of my Government.
Forty-seven (47) of you are from New Providence. Another 25 of you are from Grand Bahama
and are in attendance here via simulcast from the Pelican Bay Resort where you
are gathered.Collectively, those
awarded grants today may receive funds representing an expenditure of up to $350,000
for New Providence participants and $180,000 for those in Grand Bahama. This makes for a total of $530,000 –
just one third of the $1.5 million we have allocated for Jump Start for this
fiscal year. Your applications
have been approved to provide funding for tourism-related businesses engaged in
a wide variety of activities:
manufacturers of straw goods – handbags, hats, floor mats, place mats
etc., operators of sports fishing tours, rentals of fishing gear and of yachts,
producers of sea-shell crafts, manufacturers of jewelry and other accessories,
producers of fruit juices and operators of fruit and cocktail juice stands,
persons engaged in the sale of souvenirs, the rental of snorkel gear and beach
towels and including musicians engaged at resorts and other places of
entertainment.
I am encouraged by the diversity of individuals receiving
these awards in terms of gender and age, and the services to be offered.
While we begin today with awards for New Providence and
Grand Bahama, awards are soon to be made to Family Island applicants.
Ladies and Gentlemen:
It is critical to the medium and long term economic
health of our economy that we facilitate the growth of Bahamian entrepreneurs
and small business.
That is why we have provided up to $5,000 in grant
funding for young Bahamians under the age of 30 years to have an opportunity to
start their own business through “SelfStarters”.
Through Jump Start we are providing seed money for
those of you who are over 30 years of age. We are helping to jump-start your ideas and help give wings
to your imagination. But in the
end your success will be determined by your hard work, resilience and capacity
for organization and innovation dependability and honesty.
In these programmes: SelfStarters, National Jobs
Readiness and Skills Training programme, and now Jump Start, Bahamians can see,
touch, feel and receive the tangible benefits of the policies of my Government. We do not just talk about caring or
believing in you; we act and we deliver. We are doing our part and I urge you
to do your part.
And I urge you also, so as to ensure that you are successful,
to:
Be good planners;
Deliver on what you
promise to do;
Adhere to punctuality
and timeliness;
Treat your customers with
the utmost respect;
Produce exceptional products
and services;
Manage your money in a
sustainable fashion; and
Be honest in your
dealings.
The global financial recession has been tough on The
Bahamas. Still, it has pushed us
to create opportunity out of crisis.
That is the nature of life.
When you have obstacles in your business, as you invariably will, you
can either fold your wings or seek to spread your wings further and transcend
the difficulties of the moment to secure the promise of a better tomorrow.
Use wisely the opportunity you are now being given. We
are proud of you. Make yourselves and
your families and friends proud. I
expect and have little doubt that I will hear about great things coming from
you.
I wish you every success.
Again, it is my privilege to be among this fine group
of budding entrepreneurs. I thank
you and good evening.
