Nassau, Bahamas: Interim Deputy Executive Director of the Small Business Development Centre (SBDC), Phyllice Bethel, led a delegation to Washington, D.C. for a four-day mission last week. With the goal of identifying viable international opportunities for Bahamian business owners and building strategic relationships, Ms. Bethel and her delegation attended the DC Chamber of Commerce 2023 Small Business Summit and held various meetings with leading entrepreneurial agencies and local government representatives. 

When asked about the idea behind the mission, Bethel said, "We are simply continuing our mandate of equipping and empowering Bahamian MSMEs to maximize their full potential. In doing so, we want to provide the best opportunities, both local and international, for our clients and the wider business community at large."

The mission was organized by the team at SBDC Bahamas and in the months leading up to trip, members of the delegation met with Ms. Alarice Grant, Consul at Bahamas Embassy Consular Annex and members of the DC Chamber of Commerce to discuss the formation of a strategic partnership, joint programme opportunities and numerous ways to connect the Bahamian MSME sector with the widespread entrepreneurial network in DC and nearby state.

Highlights of the mission trip included courtesy calls on Ambassador Wendall Jones, Ambassador Chet Neymour and the Organization of American States (OAS), The Bahamas Embassy Consular Annex and the Deputy Mayor's Office of Planning & Economic Development.

The mission's itinerary also took the delegation on a tour of the Small Business Development Center at Howard University, and the DC Chamber of Commerce where discussions were held on training programmes, entrepreneurial apprenticeships and international exposure for Bahamian entrepreneurs to the DC market via the 2024 Small Business Summit.

The trip concluded with a forum titled "202 to 242" hosted by The Bahamas Consular Annex and the SBDC to connect Bahamian entrepreneurs in the vicinity with each other, the SBDC and The Bahamas Consular to strengthen their network and provide additional support to expand their business. Ambassador Wendall Jones pledged his support with championing the mission and mandate of the SBDC to provide Bahamians (both locally and internationally) access to tools and entrepreneurial training as they become available.

The mission trip has reaped immediate benefits through a partnership between the SBDC and OAS which allows Bahamian women entrepreneurs access to NASDAQs Milestone Circles, a 12-week mentorship programme which enables small businesses to tackle their biggest challenges through access to a supportive network of mentors and resources to help them grow and thrive.

Bethel further noted that with such a strong economy, large access to resources and investors and a diverse workforce, Washington DC is an ideal hub for Bahamian startups and existing business owners to forge partnerships with seasoned, successful organizations, access their networks and build a sustainable entrepreneurial future.

The SBDC expresses thanks and sincere gratitude to the Consular General and his team at The Bahamas Consulate in Washington, D.C. for their hospitality and support with this recent mission and looks forward to a fruitful, long-term partnership with the small business community and Bahamian diaspora in D.C. and other neighbouring states.

The Small Business Development Centre (SBDC) hosts the inaugural Energy Efficiency Star Awards, a ceremony recognizing the Top 10 energy efficient Bahamian business across a number of industries.

The awards ceremony held at Baha Mar, was the closing event for the Renewable Energy Initiative under the umbrella of the Guaranteed Loan Programme, a programme designed by the SBDC to help micro, small and medium-size enterprises (MSMEs) address a myriad of critical issues such as climate change, export barriers, gender inequality and more.

Minister of Economic Affairs Hon. Michael Halkitis said it is important for individuals to stay informed of industry developments, local and foreign policy changes and technological advancements in order to build a successful and sustainable business.

"A part of the SBDCs mandate is to increase the ability of MSMEs to drive the development of a resilient economic future, however to build a resilient future requires building the future of energy." he said.

SBDC Executive Director Samantha Rolle said the organization was excited to celebrate these 10 business owners for their efforts towards making their businesses energy efficient and ultimately, more sustainable.

“As a part of the Renewable Energy initiative launched in February, we conducted an Energy Efficiency Survey where hundreds of business owners from New Providence and the Family Islands participated. After a tedious adjudication process in collaboration with Bahamas Power & Light, Grand Bahama Power Company and Certified Energy Auditors, ten businesses shined luminously amongst the applicants who applied,” Rolle added.

The 10 Energy Efficiency Stars consists of businesses in New Providence and the Family Islands and are as follows.

1st Place - J&M Island Shops (Eleuthera)

2nd Place - The Promise Institute (Andros)

3rd Place - H. Russell Convenience Store (Andros)

4th Place - Sawyers Studio (New Providence)

5th Place - A&M Electrical Supply (Long Island)

6th Place - Best Energy Bahamas (New Providence)

7th Place - Perfec-Tone Bahamas (New Providence)

8th Place - MGS Food Store (Long Island)

9th Place - The New Duff Limited (New Providence)

10th Place - New Life Vegetation and Cell food limited (New Providence)

The Top 3 winners received a cash injection into their business of $10,000, $7,500 and $5,000 respectively, a FREE energy audit and a commemorative plaque and the remaining 7 finalists received a discounted energy audit along with a commemorative plaque.

The culmination of the evening was the announcement of 5 MSMEs that were approved for funding through the Guaranteed Loan Programme in the month of March. Salt Life Sanitation on the island of Acklins was approved for $100,000 through Bahamas Development Bank and MALTD in Andros was approved for $300,000 through Royal Bank of Canada. Fidelity Bank Bahamas Limited stood out amongst the funding partner pool with the highest funding amount and number of approvals. Crystal Cleaning Company was approved for $60,000, Pancakes, Omelettes and Waffles (POW!) was approved for $165,000 and Sign Island was approved for a $420,000 guaranteed loan, all through Fidelity Bank.

Interim Deputy Executive Director Phyllice Bethel extended thanks to Bahamas Power & Light, Grand Bahama Power Company, Certified Energy Auditing Services and Bahamas Chamber of Commerce for partnering with the SBDC for the Renewable Energy Initiative and expressed gratitude to a host of funding partners for supporting the Guaranteed Loan Programme and the 11 special initiatives planned for this year.

"Tonight's celebration and major announcements would not have been possible without strategic partners and an amazing team of business plan writers and reviewers, chartered accountants, family island advisors, investment committee members and the hard-working team at the SBDC. This is only the beginning for the Renewable Energy Initiative." she said.

Nassau, The Bahamas - September 20th, 2022