The Small Business Development Center (SBDC) officially opened on Thursday and begins connecting advisors with entrepreneurs today. SBDC Executive Director Davinia Blair said training sessions for about 700 people begin today. “Right now our immediate focus is our clients,” said Blair. “We have lots of people waiting and expecting. We have an amazing team, now it’s time to connect the advisors with the entrepreneurs.” Blair said all of the services offered by the SBDC will be free. Prime Minister Dr. Hubert Minnis, who brought remarks at the official opening event, said the center was meant to build entrepreneurship in the country while expanding the economy through the introduction of new, innovative businesses. “We believe that entrepreneurs are the primary drivers behind innovation and growth,” said Minnis. “We set as a goal for our administration to stimulate Bahamian ownership to create jobs and to reduce poverty. In order to achieve this goal we realized that we had to address the blockages that prevent Bahamian ownership and stifle job creation.” Blair said entrepreneurs will have to put in lots of work before they will be able to access any of the $5 million government has allocated for entrepreneurs. “I don’t want anyone to think they are going to walk in one day and walk out with capital or a finished business plan,” Blair said. She added that the SBDC’s policies follow that of the National Development Plan and that some of the businesses considered for capital will be those aligned with the plan and the needs of the country. According to Blair, businesses focused on improving business through the use of technology are in high demand. More than 950 people have signed up to be part of the SBDC and take advantage of its benefits. Via: thenassauguardian.com

Nassau, September 21, 2018 – Bahamas – In keeping with the government’s promise to economically empower more Bahamians, Prime Minister Dr. the Hon. Hubert A. Minnis officially launched the Small Business Development Centre on Thursday, September 20, 2018. Located at the Gladstone Freight Terminal off Gladstone Road, the SBDC came about through a partnership of the Ministry of Finance, University of The Bahamas, and the Bahamas Chamber of Commerce and Employers’ Confederation, who were all thanked by the Prime Minister. He also thanked Davinia Blair, the new Executive Director of SBDC, for her vision and energy in helping to realize the dream of this centre. The Prime Minister touted the SBDC as an engine for fulfilling dreams and aspirations. He referenced the late US President Abraham Lincoln who said that the objective of government is to elevate the condition of men and to afford all an unfettered start and a fair chance in the race of life. In 2017, the Free National Movement promised in its Manifesto to, as the government, foster an Opportunity and Shareholding Society to economically empower more Bahamians. And, the SBDC is one such avenue to foster opportunity, he said: “We took as a guiding principle, sustainable economic growth should be driven by Bahamian investment, and creativity, in tandem with strategic foreign direct investment. “We believe that entrepreneurs are the primary drivers behind innovation and growth. We set as goals for our administration to stimulate Bahamian ownership, to create jobs, and to reduce poverty,” the Prime Minister said. In order to achieve those goals, he said the government realized that it had to address the blockages that prevent Bahamian ownership, that stifle job creation, and that perpetuate poverty. “The key, we realized, was access and opportunity,” he said. “Access to the kinds of opportunities that those who have traditionally succeeded in our economy often take for granted, including: good advice, help with planning and execution, contacts and networking, and of course, critically, access to capital. Access so often separates success from failure.” According to the Prime Minister, the government has a role in helping entrepreneurs to gain access to the skills and resources needed for success. He also noted that like Bob Friedman, founder of “Prosperity Now”, who received the Presidential Award for Excellence in Microenterprise Development from President Bill Clinton in 1999 that his government sees in Bahamians “extraordinary potential” for wealth-creation. The government allocated over $25 million to support micro–small and medium-sized businesses, including the establishment of the Access Accelerator Small Business Development Centre or SBDC. “With the launch of the SBDC, we are working in a concrete, disciplined and logical fashion toward the well-being of more of our citizens,” the Prime Minister said. “Our definition of financial well-being mirrors that of the Consumer Financial Protection Bureau in the United States.” He said that his government made a promise to help foster an opportunity and shareholding society. “Other ways that we are fostering an Opportunity Society include the groundbreaking Over-The-Hill initiative, and the Citizen Security and Justice Programme,” he said. By Lindsay Thompson Release: BIS Photo Caption: Prime Minister, Dr. the Hon. Hubert A. Minnis officially launched the Small Business Development Centre (SBDC) on Thursday, September 20, 2018 and is pictured giving his address. At the ceremonial Cutting of the Ribbon, Prime Minister and Mrs. Minnis, centre, celebrate the happy moment with Geoffrey Andrews, chairman of the Board of Directors, SBDC; and Davinia Blair, executive director, SBDC. (BIS Photos/Yontalay Bowe) Via: bahamas.gov.bs

The Small Business Development Center (SBDC) began its three day launch on Tuesday night by revealing never-before-seen data on the micro, small and medium-sized enterprises sector of the Bahamian economy. The data reveals that MSMEs represent 98 percent of all registered companies and account for 20 percent of all turnover in the country, meaning 80 percent of the turnover in the country is produced by two percent of companies. SBDC Executive Director Davinia Blair presented the data along with a working definition of an MSME in The Bahamas: “Under $5 million in turnover annually and under 50 employees.” The data provided by the SBDC also reveals that MSMEs account for 47 percent of total employees, while large companies account for 53 percent. She contended that the disparity between the number of employees in MSMEs and their annual turnover as compared to large businesses, means there appears to be a “strain” somewhere in the sector. “Hopefully as we dig into this data we’ll be able to uncover what’s happening,” said Blair. When the data was broken down by island, it was found that when it comes to MSME growth Bimini came out on top, followed by Grand Bahama, Eleuthera, Acklins and Andros. When the data is looked at based on employee growth in MSMEs by island, Rum Cay came out on top, followed by Crooked Island, Exuma, Andros and Long island. When it came to island rankings based on turnover growth, Crooked Island took the top spot, followed by Grand Bahama, Exuma, Long Island and San Salvador. “The growth in turnover is not necessarily the absolute figure,” said Blair. “Absolute figure, Crooked Island is doing small numbers. I think the first island that has seen significant growth is Grand Bahama, this was very interesting to me. I would not have guessed this, so there is a lot going on in Grand Bahama than one really can see obviously.” The SBDC also looked at MSME turnover ranking by island and found based on turnover per capital Eleuthera topped the list, followed by Abaco, Exuma, Long Island and Berry Island. When turnover per employee is looked at, Abaco was first, followed by Crooked Island, New Providence, Long Island, and then Ragged Island. When the data is extrapolated based on turnover per MSME, Abaco is markedly ahead of Eleuthera, New Providence, Bimini and Long Island. “There’s a lot of competition already in New Providence and we have to think about what type of commerce or enterprises we want to develop on the island, so you don’t have sort of this suppressed information here in New Providence,” Blair said. When the SBDC looked at the types of industries MSMEs represent they found the highest category to be “other personal service activities” at 25 percent; followed by retail trade (except motor vehicles and motorcycles) at 11.3 percent; land transport and transport via pipelines at 10.8 percent; food and beverage service activities at 5.8 percent; construction of buildings at 5.3 percent; services to buildings and landscape activities at 5.2 percent; specialized construction activities at 3.3 percent; wholesale and retail trade and repair of motor vehicles and motorcycles at 3.2 percent; and real estate activities at 2.18 percent. The five industries that have shown top growth in the country include undifferentiated goods and services at 150 percent; gambling and betting activities at 100 percent; scientific research and development at 66.7 percent; motion picture, video and television program production at 60 percent and publishing activities at 53.1 percent. “This is just some of the initial information,” said Blair. “It’s the responsibility of the advisors of the center to sit with each of our clients and figure out which industry they are in, and help them figure out their market saturation. We can tell you exactly how many players are in your market, what their turnover has looked like for the last three years as a group, and be able to compare what your projections are to give you an idea of how well you’re sitting in that particular industry.” Via: tribune242.com