2019/20 Budget Communication Final Budget Communication | Page 23

Progress in respect of some of the other categories, such as trading across borders and
accessing electricity, has been somewhat slower than anticipated, due to ongoing reform efforts.
It is our intent to continue the developmental work that the working group has undertaken.
ix.
Promoting the Development of SMSEs
Mr. Speaker,
One of our most impactful programmes this year was the investment made by the
Government in entrepreneurs and young people through the Small Business Development Centre
(SBDC).
Earlier I mentioned that central to our economic philosophy is breaking the cycle of
dependence on Government, which requires us to empower our citizens and facilitate growth and
expansion, particularly in the small business sector. Collectively, small businesses account for a
large share of private sector employment. Their success is key to driving an expansion in the job
market and economic growth: equitable, inclusive and sustainable growth. The importance of this
sector to the general health of the Bahamian economy cannot be overemphasized. When they do
well, our economy does well, which is why I am pleased to announce that approximately13
businesses have been approved for funding that collectively total just under $1 million in grants,
equity and loans.
To date, more than 3,500 small businesses are registered with the SBDC.
Approximately 73 percent of this total are startup businesses, while just over 25 percent of the
businesses registered are existing companies.
The bulk of registrants are in New Providence, at 46 percent of the total; followed by
Grand Bahama, where 21 percent of registered businesses are located. The SBDC has approved
$87,500 in grants, $205,000 in equity, and $652,500 in government guaranteed loans. Since its
official launch in September of last year, the SBDC has administered roughly $200,000 worth of
training and advisement to aspiring businesses that sign up with the development center; this
includes training, advising and research and site visits.
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