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Last Updated: Feb 13, 2017 - 1:45:37 AM |
President of Bahamas Striping Group of Companies, Atario Mitchell speaks at the Eleuthera Business Outlook on Thursday, May 21. The seminar was hosted by The Counsellors Ltd.
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Nassau, Bahamas - With a lack of available sources for capital funding, entrepreneurs attending the third annual Eleuthera Business Outlook seminar were encouraged to dive into the venture funding pool.
The endorsement came from 28-year-old Bahamas Striping Group of Companies President, Atario Mitchell, who successfully captured the interest of the Bahamas Entrepreneurial Venture Fund Ltd., obtaining $200,000 to help complete the company’s headquarters.
“When we were in the process of constructing our office building, and not having the support of the bank, we turned to the Bahamas Venture Fund (BVF),” he said in debunking the myth that navigating venture funding was a complicated process.
“I have to say that the BVF process was not difficult at all. I encourage young Eleutherans who have business ideas to take advantage of it.”
Since 2005, the fund has injected around $5.7 million into various businesses across The Bahamas. Although New Providence received the lion’s share of around 80 per cent, another 12 per cent went to Grand Bahama with the remainder distributed amongst enterprises in the Family Islands, according to reports.
The venture fund has the ability to grant loans or provide equity funding (that is, selling a portion of ownership interest) up to $200,000. The fund relinquishes its shares once the investment is repaid.
“As business community stakeholders, both within the government and the private sector, we must do more to provide the catalysis towards more Bahamian business ownership,” said Mr Mitchell whose company celebrates its fifth anniversary this month.
The striping business was borne back in 2010, from a $5,000 grant from the government-backed Self Starters programme.
The company has grown from one company, Bahamas Striping Ltd., to a group of four companies: Airport Maintenance Services Ltd (AMSL), Caribbean Pavement Solutions Ltd. and Bahamas Striping Group of Companies.
President of Bahamas Striping Group of Companies, Atario Mitchell speaks at the Eleuthera Business Outlook on Thursday, May 21. The seminar was hosted by The Counsellors Ltd.
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The youngest firm, Caribbean Pavement specializes in road rejuvenation and preventative maintenance solutions for asphalt, concrete and other types of pavements.
In order to get the company off the ground, Mr Mitchell tapped into an $80,000 loan from the venture fund and a $70,000 advance from a client who was offered preferred rates on a future job as inducement.
Mr Mitchell places the value of that business today at well over $1 million.
Having graduated from venture funding, the Bahamas Striping president is looking to develop a public-private-partnership (PPP) with the government whereby the government taps into favourable loans from local and/or international sources to underwrite the costs of major infrastructural projects.
The Striping Group presently has two such proposals before Cabinet for consideration, one that will address safety deficiencies of roads on 10 Family Islands and a second that will upgrade 10 Family Island airports bringing them in line with international standards.
© Copyright 2015 by thebahamasweekly.com
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