The Tribune

THE Grand Bahama Port Authority has demonstrated support for local foundation by exempting the first year’s licensing fees for the five winners of the Power 5 Challenge.

The challenge, created by Elbert Hepburn, CEO of Elnet Maritime Agency, is designed to encourage and empower young future entrepreneurs to start their own business.

Grand Bahamians between the ages of 20-35 are encouraged to enter. All applicants had to submit their applications online at www.ee-foundation.com by January 20.

At the end of the challenge, five companies will be chosen by a panel of judges and each company will be awarded $20,000 to start their own business.

The purpose of the Elnet Empowerment Foundation is to help boost the current economic situation in Grand Bahama and to encourage local economic growth.

“We applaud the Elnet Empowerment Foundation for their efforts in support of young entrepreneurs. In a similar vein, under our ‘Making It Happen’ initiative, GBPA launched several programmes that successfully stimulated business growth within the local community,” stated Ian Rolle, GBPA president.

“Therefore, we are pleased to partner with the foundation by offering one-year license fee exemptions to the five winners of their challenge.

“This undoubtedly will be a major boost to these companies in assisting them at a pivotal stage in their early development.”

Mr Hepburn extended gratitude to the GBPA president for lending his support to their efforts to empower and encourage young Grand Bahamians.

“Initially, legal, accounting and licensing fees would be deducted from the $20,000,” he explained.

“With the generosity of the GBPA, the monies will go a very long way by helping each winner to now be able to start operating with more capital than expected.”