The Tribune

The Grand Bahama Port Authority (GPBA) will introduce a new licensee category in January 2021 in a bid to reduce start-up costs for aspiring entrepreneurs and micro businesses.

The Micro Business License (MBL) has been created from more than 18 months of data gathering during Hurricane Dorian recovery efforts and grant funding programmes, which supported hundreds of micro and small businesses.

"GBPA is excited to announce the new Micro License category, which not only offers a lower cost start-up for entrepreneurs entering specific business sectors, but will also offer significant day-to-day cost savings by way of a GBPA bond,” said its president, Ian Rolle.

“While the new license category will cost less, it will still offer all the benefits of a traditional GBPA business license including access to a GBPA bond, free marketing and promotional opportunities, free business training initiatives and access to investment capital through grant funding opportunities.”

Derek Newbold, the GBPA's senior business development manager, believes the initiative will encourage the introduction of new, innovative business ideas. "Entrepreneurs will find that the cost of an MBL is affordable, and ideal for starting and testing new micro-business concepts,” he added.

“There has been an increase in unemployment and underemployment post-Dorian. Consequently, we found that persons were pushing to start new micro businesses in order to make up a shortfall in their household income.

"As the organisation responsible for regulating businesses within the city of Freeport, the GBPA designed the MBL to facilitate low-cost start-ups, and provide significant benefits to aid micro business growth and success.”.

Information on the MBL and application forms will be available early in the new year on the GBPA’s website from its customer relations department and through the Invest Grand Bahama Small Business Bureau.