The Tribune

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has unveiled a nationwide campaign to launch its small and medium-sized enterprise (SME) mentorship programme, promoting its initiatives and VAT education in partnership with the Ministry of Finance.

The Chamber on the Move programme will involve practical work shop sessions throughout the various communities of New Providence and the Family Islands, facilitated by BCCEC chairman, Chester Cooper, with associate Family Island Chambers.

The first sessions will be held as follows:

Treasure Cay: North Abaco, January 31, 2014

South Andros: February 7, 2014

Freeport: February 5, 2014

During the 2014 first quarter, two new Chambers will be formed - one in North Abaco and one in Bimini.

The BCCEC launched its SME mentorship programme in 2013, designed to provide technical support to small and medium-sized companies.

In launching the program me, Chester Cooper, its chairman, said: “An estimated 70 per cent of all small business ventures in the Bahamas end in failure. The Bahamas Development Bank is running very high delinquencies, and more than 50 percent of businesses funded by our venture capital fund are facing significant challenges.

“This clearly demonstrates that whilst capital is important, technical support is also critical. This is not an issue that we can afford to ignore, and certainly not a level of failure we can afford to sustain.”

The BCCEC is also focusing on VAT. “As the coalition continues its dialogue with the Government on alternatives, it is incumbent that the Chamber educates its members. We agree that tax reform is necessary. If it’s VAT, we must be ready for implementation. If it’s another form that’s introduced, business owners will be competent to compare it with the pros and cons of VAT. The mission is to ensure that we are leading the mission to educate and inform” said Mr Cooper.

The Chamber Institute within the next two weeks will roll out a sustained series of industry-specific workshops, from now until the implementation of the new form of taxation, that is focused on understanding and readiness for implementation.