ILO supports small business development in the Bahamas
Training to ensure skills development to start and expand business
 |
Twenty-eight participants took part in the Workshop including BCCEC staff from the Family Islands. The Workshop was based on the practical application of strategic, marketing, financial and business planning principles with each group of participants devising a business idea and developing the necessary supporting pricing, promotion and planning documentation sufficient to satisfy a lending institution's requirements. The training would ensure that not only those who wanted to start or expand their business would have the necessary skills, but also that the BCCEC staff would have the ability to offer advice and training to budding entrepreneurs and those wishing to expand their businesses.
On 8 September 2015, the BCCEC launched a Help Desk for Small- and Medium-sized Enterprises (SMEs) seeking professional services and advice. The Help Desk will comprise one SME administrator and one full-time research consultant. The Ministry of Finance contributed a grant of $100,000 towards the initiative. In addition to charging fees to offset costs, the Chamber indicated it would be seeking funding for the Help Desk from various local and international partners.
BCCEC’s CEO Edison Sumner, stated that supporting SMEs ensured not just the reduction of unemployment rates, but it also plays a part in reducing in crime rates. “Considering that over 50 per cent of all business start-ups fail within the first year of operations, we will endeavour to do what we can to assist these businesses so that their failure does not become an option,” he said.
Anne Knowles stated that such initiatives played an essential part in formalizing the informal economy.