The Bahamas government is exploring the creation of a Small Business Development Center which is expected to aid in capacity building for entrepreneurs and particularly small and medium sized businesses (SMEs).

Speaking at the Billionaire Roundtable at Baha Mar’s Grand Hyatt, Finance Minister K Peter Turnquest said that the Center “is designed to aid in capacity building for entrepreneurs, and particularly, small and medium sized businesses, who may need more technical assistance on matters such as getting a business license, writing a business plan, managing and developing employees or those wanting to export. “

The Ministry of Finance, the US Small Business Development Centres and the University of The Bahamas are currently collaborating to create the Bahamas Small Business Development Center which will be hosted at the University of The Bahamas.

“All of the services will be provided FREE to the public, as a public service.  Our aim is to ensure that we maximize the efficiency of every dollar of capital invested in entrepreneurial activities by Bahamian businesses.  We want our investments to succeed and to minimize unnecessary failure,” said Mr Turnquest.

He added: “I am pleased to announce that a dynamic team has been assembled comprising persons from:

  • The University of The Bahamas
  • Ministry of Finance
  • The Office of the Prime Minister
  • The Bahamas Agricultural and Industrial Corporation
  • The Bahamas Development Bank
  • The Chamber of Commerce
  • The Bahamas Entrepreneurial Venture Capital Fund; and
  • The Department of Cooperatives

‘Funding for the Center has been allocated in the National Budget, premises have already been secured and I am advised that plans are well underway to making this dream a reality in the coming months.”

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