The Tribune

By NATARIO McKENZIE

Tribune Business reporter

nmckenzie@tribunemedia.net

BAHAMIAN entrepreneurs were yesterday urged to create the necessary links to major foreign direct investment (FDI) projects as a means to curb foreign currency outflows.

Davinia Blair, the executive director of the Small Business Development Centre (SBDC), told the Grand Bahama Business Outlook that local businesses must find ways to source goods and provide services to FDI projects.

“You have to look at the big projects and create the linkages,” she said. “If not we allow leakage and international providers will step in. There are major developments in the country with a laundry list of services and product needs. That’s what local entrepreneurs need to tap into.

“We will begin to publish a list of opportunities based on our relationships with these FDI projects. Every development has a list of things that they need. We may not be able to get 100 per cent sourced locally, but I think we can make a pretty significant impact.

“I like the way the Carnival project is looking; it will be creating greater opportunities for Bahamians on Grand Bahama and, in our talks with and Disney, it appears to be the same for Eleuthera. We can’t wait to prepare Eleuthera and Grand Bahama to capitalise on those.”

Ms Blair said response to the SBDC’s launch has been very positive, and she urged patience as it continues to develop. “We need persons to understand that it is business development, not just write a business plan and have it funded,” she said.

“Building the right concept takes time. We’ve found that some people are just looking for the right location and the right connection. We believe the barometer for small businesses in The Bahamas is very strong.”

The SBDC, a joint venture between the Government, University of The Bahamas (UOB) and Chamber of Commerce, is designed to build the institutional framework and support for micro, small and medium-sized enterprises (MSMEs) in their initial development stages.

Earlier this month, the Government signed a deal that increases the available funding pool for entrepreneurs to $9m. Direct capital funding available to micro, small and medium-sized businesses is set to increase by almost two-thirds compared to the original $5.5m thanks to the government’s agreement with the SBDC and several financial partners.

The other partners, who include Royal Bank of Canada (RBC), Scotiabank, the Bahamas Development Bank (BDB) and the Bahamas Entrepreneurial Venture Fund, will participate in what has been branded the largest ever single allocation of financing for Bahamian entrepreneurs.