Bahamas Information Services Updates
The Government taking Small Business Development to another level
By Llonella Gilbert
Mar 18, 2021 - 9:04:44 PM

Nassau, The Bahamas -­ Minister of State in the Ministry of Finance Sen. the Hon. J. Kwasi Thompson stated that this government administration is taking Small Business development to another level.

The Small Business Development Centre (SBDC) recently facilitated the transformation of the Gladstone Road property that formerly housed Phil’s Supermarket into the new, permanent home for the Tin Ferl Food Park, Sen. Thompson said during his Contribution to the Mid-­‐term 2021 Budget Debate in the Senate, Wednesday, March 17, 2021.

He stated that the relocation of the outdoor pop-­‐up marketplace is only the beginning. Architectural drawings and plans are already well advanced to convert the entire property into a hub for Technology, innovation and entrepreneurship, including:

●    An outdoor pop-­‐up market space;
●    Permanent office spaces for the SBDC;
●    Retail incubator office spaces; and
●    Office incubator spaces.

“We understand how challenging it can be to start a business and it is for this reason that as we build out this space, small businesses and current SBDC clients will be given priority to access this space to support their business development needs.”
Sen. Thompson also noted that for young persons between the ages 18-­‐30, the government is also fighting to help you achieve your dreams.

He explained that the launch of the first session of the Youth Development Program, closed on February 28th.  

“This is the first business incubation program that will provide support for your idea, funding and a work space. The Government has allocated $1.5 million to support our young people.

“The first group of young people will have their ideas assessed, then developed, funded and then mentored. All while SBDC staff hold their hand through the process. We are fighting for our young people.”

He stated that is not all, these young people will be provided an opportunity to have a pop up shop or retail space in the facility until they can branch on their own.  

“We are also developing a true tech hub in this facility that will provide tech entrepreneurs and start-­‐ups space to develop and innovate. I am pleased to say that this program will be mirrored in Grand Bahama once the final location is secured.”

Sen. Thompson said, “The Coconut Vender program announced by the Prime Minister, which will train and fund coconut vendors, will commence the first week of April. I encourage these vendors to apply online through the SBDC website this coming week.”

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