The Tribune

Home Fabrics, the Bahamian fabric distributor, is expanding to Freeport through a $2m investment that will initially create ten jobs.

Kwasi Thompson, minister of state for Grand Bahama, congratulated Benjamin and Laura Pinder on the venture in unveiling the move last Thursday.

"I'm told that Home Fabrics is the largest fabric distributor in The Bahamas and they have a number of locations. We are happy that Home Fabrics has chosen the location of their newest store will be right here in Grand Bahama," he said.

"That really speaks volumes for Grand Bahama. It also speaks about investor confidence in Grand Bahama. One of the things that we have noticed, and have continued to inform the public about, is that we've seen and uptick in investor confidence and investor interest."

Mr Thompson added that there has been an increase in Bahamian domestic investment, and described the one by Home Fabrics as "significant". An unfinished warehouse on Milton Street has already been secured for its Grand Bahama home.

"The government has also embarked upon a budget process and is encouraging Bahamians to take advantage of one of the aspects of the budget, which is refurbishment and for dilapidated business," the Minister said.

"You are able to apply to the Ministry of Finance for a duty-free exemption on materials. This has been extended in this year's budget, so we are encouraging those businesses that may be on Queen's Highway, and those businesses that may be in other locations that may need refurbishment or are in a dilapidated state, to take advantage of this duty-free exemption."

Minister Thompson also mentioned the duty-free exemptions to be introduced on clothing, shoes and fabrics. "Bahamians are able to take advantage of those local stores that are going to be selling clothes, and they should be able to sell clothes at duty-free rates," he said.

"And those businesses, like Home Fabrics, that sell fabrics should be able to do so at a duty-free rates. The purpose behind this project or behind this incentive, is to assist local businesses in this area."

Benjamin Pinder, accounting manager at Home Fabrics, said the family business has been expanding in recent years after it was founded in 1976. In 2009, it opened a store in Abaco, and in 2011 opened an outlet in Carmichael.

Mr Pinder said: "We are very excited to be a part of the revitalisation in Grand Bahama. We not only expect to have an impact on the economy by employing people, but a trickle down effect as well to garment manufacturers, interior decorators, designers and industries of that nature."

His wife, Laura, the company's buyer, said they hope to be open on October 1 to be ready for their busy seasons, Halloween and Christmas.

She added that Grand Bahamians have asked for years for Home Fabrics to open a branch on the island, and now "seems like the right time to pull the trigger".