THE Grand Bahama Micro and Small Business Economic Empowerment Entrepreneurial Incentive Programme was officially launched on Friday by Prime Minister Dr Hubert Minnis as part of his administration’s commitment to providing capital for the creation of small businesses to revitalise the economy.

The programme, which kicked off in Grand Bahama, will offer grants from $5,000 up to $25,000 to young Bahamian entrepreneurs for the startup of new small businesses.

The prime minister stated that young people and small businesses are essential to the future survival of the country.

He stressed that it was important to start such a programme in Grand Bahama first because of the continuing hardship and economic challenges here on the island.

Deputy Prime Minister K Peter Turnquest, minister of finance, was also present.

“Grand Bahama will rise again and succeed,” he told persons at the Pelican Bay Resort during the programme’s launch.

“Grand Bahama has been suffering for a very long time. Grand Bahama is like a headwind that has been blocking the movement of the Bahamas, and so, therefore, it is essential that we focus our attention on Grand Bahama.”

Dr Minnis, who is also a successful businessman, said his administration wanted to concentrate on creating more small businesses because they are the main drivers of the Bahamian economy. He noted that young people and entrepreneurs have great business ideas, but lack the start-up capital.

“We feel if it is very important to commence such a programme where you can get capital. But one of the problems why businesses fail is a lack of understanding and proper marketing, and so it is essential that we provide you not only with capital, but (other) resources to maximise your business,” Dr Minnis said.

He shared the success story of Bahamas Striping, a company in New Providence that started out with a $5,000 grant from the government and is now a multimillion-dollar firm.

“So $5,000 may seem like a little money, but it is a start, and you will be surprised how a company can start small and grow,” he explained.

Dr Minnis said that he too and several partners also started a company, each investing $5,000, and through hard work and perseverance, the company is also a successful multimillion-dollar company.

“I came here to officially launch this programme and to ensure that those of you who applied will receive your grant, but at the same time there will be some form of monitoring,” he said.

Following the launch in Grand Bahama, the programme will spread out to the Family Islands.

Minister of State for Grand Bahama Kwasi Thompson expects that ten new businesses would be created through the entrepreneurial programme in Grand Bahama.

He said that the programme is a joint effort of the Office of the Prime Minister and the Ministry of Youth Sports, and Culture. It consists of three important components - capital, training, and mentorship.

The first category is a self-starter programme for young people between ages 17 to 30 years who will be able to access $5,000 in funding. The second group is those existing businesses in need of capital to expand which will be able to access $5,000 in assistance.

The third category is the Blue Marlin challenge that offers a $10,000 grant to candidates interested in opening businesses in specific areas such as tourism, maritime, and technology. Mr Thompson stated that industry stakeholders would look at the business plans and make a determination as to who will get the funding in various areas.

The last category is a stand-alone category for a one-time investment of $25,000 to the most innovative business.

In addition to funding, Mr Thompson said that candidates would be offered training by business professionals and through the University of the Bahamas, and mentorship where they will be matched with business mentors.