2020/21 Budget Communication 2020-21 Budget Communication - Final (1)-compresse | Page 23

a. Initiatives to Transform the Economy and Accelerate Recovery
Small Business Growth and Development
We set an objective three years ago to build an entrepreneurial ecosystem, and our investments to
date have made the environment for entrepreneurship stronger than ever before. We have increased
the capital Budget allocation for small business growth and development from $5 million last year
to $55 million in the new Budget.
We are pleased to see that the entrepreneurial spirit of Bahamians has been awoken, because now,
people have confidence in the programs available to support their ambitions. This is largely thanks
to the work of the Small Business Development Center and its partners. The SBDC will continue
to innovate, by exploring ways to leverage the Government's investment to make other forms of
capital available to Bahamians such as private equity through angel investing and crowdfunding.
Micros, small and medium sized businesses (or MSMEs) make the economy more resilient, as
they stay ready, nimble and poised to adapt even more so than large companies. When the economy
needed delivery services, MSMEs sprung into action. The economy needed quick access to online
markets, and MSMEs provided online solutions for other MSMEs. Rental car companies pivoted
by using their vehicles for deliveries. Tailors and seamstress pivoted to making masks. They turned
a byproduct—scrap fabric—into a new source of revenue. In this time of crisis, the determination,
foresight and agility that characterizes MSMEs has proven beneficial for all Bahamians.
Our approach to this Budget is very focused and targeted, and we have chosen to continue our
historic investment in MSMEs to further strengthen the domestic economy and plant the seeds for
greater participation in the eventual recovery.
National Digital Transformation
Mr. Speaker,
The push toward a digital transformation, particularly within the public sector, has been a priority
of this Administration from the onset. While the leading motive for this transformation was to
drive competitiveness by reducing the cost of doing business with the Government, that motive
has since expanded. Put simply, the COVID-19 pandemic has transformed that pointed goal to an
absolute imperative.
We saw the explosion of digital commerce in The Bahamas in response to the curfew and
lockdowns necessary to mitigate the spread of COVID-19. Even when the virus poses no more
threat, the transition to digital commerce will remain. Hence, this Government’s push toward a
national digital transformation comes at no better time than the present.
To date, this Government has advanced its digital agenda through the conversion from the old
Electronic Customs Automated System (eCas) to the new Electronic Single Window at the
Customs Department, the digitization of passport registration at the Passport Office, and the
ongoing revamp of the Real Property Tax system, which will allow for the complete automation
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