The Tribune

MINISTER for Grand Bahama Dr Michael Darville said the government has put resources into agencies such as the Bahamas Entrepreneurial Venture Fund to help small businesses throughout the country.

Dr Darville was addressing the Bahamas Entrepreneurial Venture Fund Limited Business Forum 2013, held on July 30 at Christ the King Auditorium.

He said that for the first time the government is going to bring to Parliament a small to medium-sized enterprise development bill, legislation that will set the ground work for small businesses to thrive and take their place as the true engine in the economy.

Minister Darville told the gathering that small and medium-sized businesses are a critical component of, and a major contributor to, the strength of economies around the world, and that Grand Bahama is no exception.

He said the government recognised the significance of small and medium-sized businesses in stimulating economic growth, and providing entrepreneurial and employment opportunities for all Bahamians, but especially the young people.

“In our Charter of Governance, we acknowledged the need to do more to assist Bahamians in taking ownership of our economy and consequently re-instated, strengthened and increased funding to the Bahamas Venture Fund, a government sponsored initiative, which not only offers financial assistance to small and medium-size businesses but lends technical support and expertise to Bahamian enterprises,” he said.

He assured the gathering that the current administration firmly believes in the revitalisation of Grand Bahama and is committed to putting resources in places where small to medium-sized business can get access to it.

Dr Darville said the fund was wholly owned by the Bahamas government and since its inception had met its mandate by positively and directly contributing to the further development of small and medium-sized enterprises throughout the Bahamas.

Small and medium-sized enterprises represented more that 50 per cent of the country’s economic activity, he said, yet they continue to face a number of challenges, which include access to capital and lack of technical support.

“With so many small businesses in Grand Bahama hanging on by the thread, this administration believes that our efforts to increased funding to the Bahamas Venture Fund and the implementation of our proposed bill, will make many small to medium sized businesses more competitive and finally remove many of the roadblocks that prevent them from accessing capital for growth and expansion,” he said.

Dr Darville challenged Grand Bahamians to come forward with their ideas, saying that senior management from the Venture Fund and the Bahamas Agricultural and Industrial Corporation were in Grand Bahama to meet with entrepreneurs who have been seeking funding. He added: “The government stays true to its commitment of putting Bahamians first through initiatives such as the Venture Fund and through the creation of employment and entrepreneurial opportunities for Bahamians throughout our archipelago.”