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Govt to implement small business development center model

  • Minister of State for Grand Bahama Kwasi Thompson is pictured with OAS Assistant Secretary General Nestor Mendez (left) and OAS Secretary General Luis Almagro (right) while participating in a small business development center study tour, sponsored by the OAS, in Washington D.C. on Friday past. Also pictured next to Minister Thompson is Minister Lindsey Grant (St. Lucia). BIS

Guardian Business Reporter

Published: Jul 25, 2017

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Minister of State for Grand Bahama Kwasi Thompson said the government would be implementing a small business development center model over the next few months in an effort to help boost small to medium-sized enterprises (SMEs) in The Bahamas.

Thompson’s remarks came while addressing an OAS gathering in Washington D.C. last weekend, according to a press statement.

“We anticipate that the small business development center model that The Bahamas will be implementing over the next few months will not only grow and expand SMEs, but will also create further opportunities for partnerships between domestic and international businesses, attracting more investment into the country,” he said.

He pointed out that the government has also agreed to continue the establishment of two small business development centers with the support of the U.S. Permanent Mission to the OAS.

“The creation of such centers was a key recommendation of the country’s National Development Plan. The centers will also develop a framework that will help to increase collaboration and networking between SMEs,” said Thompson.

The centers will be based at the University of The Bahamas campuses in New Providence and Grand Bahama, along with other parties from the private and public sectors.

According to the minister, the centers will be able to access a team of qualified faculty and a network of resources aimed at small business development.

Thompson said members of the team have in the past several months been engaged in dialogue and training with the Small Business Development Center of the University of Texas.

“We are pleased that the team has already developed a strategic and operational plan which will be implemented in both Grand Bahama and New Providence before the end of 2017 and will be subsequently launched in our Family Islands in the near future,” said Thompson.

“The plan includes the organizational structure of the centers and the roles and responsibilities of key personnel.

“Once fully implemented it is our vision that the centers will be the leading driver of economic growth for small businesses by empowering entrepreneurial development throughout The Bahamas.”




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