The Bahamas Small Business Development Centre is officially open for business.
Small businesses now have access to a suite of “hand holding” services aimed at ensuring their viability.
The SBDC, the non-profit entity is a partnership initiative between the University of The Bahamas (UB), the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) and the Bahamian government. The SBDC was designed to build the institutional framework and support for micro, small and medium-sized enterprises (MSMEs) in their initial development stages.
According to Davinia Blair, the SBDC’s executive director, the number of micro, small and medium sized enterprises (MSMEs) in The Bahamas has grown by 21 per cent over the past three years, with this segment also recording a 14 per cent growth in employment. Micro, small and medium enterprises have also seen a 10 per cent increase in turnover over the last three years.
The SBDC has defined MSMEs as businesses with an annual turnover of under $5 million and less than 50 employees. MSMEs represent 98 per cent of all registered companies in The Bahamas but only account for 20 per cent of the turnover.