By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Inter-American Development Bank (IDB) yesterday launched its Compete Caribbean Program in Nassau, giving potential Bahamian small business owners the opportunity to exploit investment funding to develop their ideas. The programme, which was approved by the IDB last year, is aimed at supporting private sector development and competitiveness in 15 Caribbean countries. IDB representative, Jorge Zavaleta, during a forum at the Sheraton hotel, said it provided an important opportunity for the private sector. Mr Zavaleta said: "This is a $40 million program that provides technical assistance grants in investment funding to support policy reform, business plan reforms and SME development activities. "We give grants of up to $500,000, matching grants to successful business ideas. It's not to any or to every idea. This is an amazing opportunity for companies in the Bahamas to present a business proposal. We review that proposal, and if we like it we would give a grant to put together what we call a business improvement plan. "Once you get that you will go before an independent panel, and if you are selected you'll receive a matching grant of $500,000." The programme is a joint initiative by the IDB, the Canadian International Development Agency (CIDA), and the United Kingdom's Department of International Development (DFID). "Through the compete Caribbean programme we provide technical assistance in investment funding to develop new products and services, implement new business models and access new markets," Mr Zavaleta said. He added that in a recent survey by his team of 150 Bahamian firms, it was noted that issues affecting business growth and productivity included a lack of support for business development services, access to finance and the quality of the workforce. "This is the only program that the IDB has in which there is direct involvement at the national level in the 15 countries," Mr Zavaleta said, noting that a part of the programme also provided for technical assistance to the Government or institutions such as the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) to improve business planning. "We support the Government in identifying issues, and give them a grant for up to $500,000 to implement the reforms. We also foster public private sector dialogue," Mr Zavaleta said. Astrid Winter, the Bahamas' Inter-American Development Bank representative, said: "We believe that small and medium enterprises are the engines for economic growth. We all know that the economy in the Bahamas is very concentrated in tourism and finance. The need to diversify is really critical for growth opportunity to become manifest, and to be taken advantage of because there is only so far we can grow in sectors we already have dominance in."