By ANNELIA NIXON

Tribune Business Reporter

anixon@tribunemedia.net

BAHAMIANS are failing to capitalise on a number of government-backed business initiatives despite unprecedented levels of financial and technical support for entrepreneurs, according to a senior tourism executive.

Speaking during the Andros Business Outlook, Ian Ferguson, the Tourism Development Corporation’s (TDC) executive director, said The Bahamas has never had as much assistance available for micro, small and medium-sized enterprises (MSMEs), yet participation remains disappointingly low.

“The reality is there are so many opportunities; so many free opportunities that have now been provided for entrepreneurs. It’s just amazing that so few Bahamians are taking full advantage of these opportunities,” Mr Ferguson said.

He pointed to one TDC initiative that offered free website development and hosting to 100 tourism businesses over the past two years. Despite the agency covering the cost and requiring only a few hours of participants’ time, just 12 entrepreneurs enrolled.

“Someone made mention of the fact that it’s hard to actually give money away to Bahamians,” he said. “It’s the strangest thing. We’re going to host your website for you. We’re going to pay for it. We’re going to pay for the development of it… and sometimes getting persons to commit is a great challenge.”

Mr Ferguson said Andros’ long-term prosperity will depend on three priorities - strengthening MSMEs, building stronger business linkages and partnerships, and expanding high-value, community-based tourism experiences.

He argued that support for entrepreneurs has expanded significantly in recent years through agencies such as the Bahamas Entrepreneurial Venture Fund, the Small Business Development Centre (SBDC), Bahamas Agricultural and Industrial Corporation (BAIC), the Bahamas Development Bank (BDB) and the TDC.

“There has never been, in the history of our country, this level of support to MSMEs,” Mr Ferguson said, noting that assistance now extends beyond financing to include business planning, financial management, marketing strategies and digital development.

Among the TDC’s programmes is the Home Suite Home initiative, which has invested around $3m over the past two years to help Bahamians convert cottages, apartments and other properties into vacation rentals, increasing room inventory while allowing more locals to benefit directly from tourism.

Beyond financing, Mr Ferguson said greater collaboration between industries could unlock significant economic gains, particularly by reducing the country’s dependence on imported food.

He added that The Bahamas imports roughly 94 percent of its food, and argued that even reducing that figure to 90 percent over the next five years would be transformative if local producers focus on products they already have the capacity to supply.

“We don’t have to import okra,” he said, adding that local farmers already produce enough to satisfy domestic demand. “However, we’re still importing okra.”

Mr Ferguson said stronger linkages between tourism and agriculture, along with producer co-operatives, could help local businesses secure contracts with hotels and other tourism operators, while keeping more tourism spending within the domestic economy.

The Tourism Development Corporation has already begun encouraging that model, establishing conch jewellery training programmes and co-operative development initiatives in Grand Bahama aimed at replacing imported souvenirs with locally-produced products.

Looking specifically at Andros, Mr Ferguson said the island is well-positioned to expand its reputation as a high-value tourism destination by building on experiences such as bonefishing, birdwatching, blue holes, mangrove tours, cultural immersion and culinary tourism.

He also suggested using virtual reality attractions in Nassau and other population centres to expose millions of cruise visitors to Family Island experiences, potentially encouraging longer stays and repeat visits to destinations such as Andros.

With visitor arrivals now exceeding 12 million annually, Mr Ferguson said The Bahamas has a unique opportunity to convert more tourists into customers for locally-owned businesses.

“When you have so much opportunity, and now, so much support, it’s time now, I believe, for Bahamians to fully take advantage of what is available,” he said. “We know the potential is great. We know much of it is untapped.”