Over $9 Million in Government Funding
Minister of Finance K. Peter Turnquest says Bahamian Entrepreneurs should think big, as he informs them that they’ve increased funding to $9 million for Bahamian Businesses.
Here’s how you can get a piece of the pie.
Jump Start Programme
up to $7,500
The Jump Start Programme is a Government funded grant programme for Bahamian citizens over the age of 30 years seeking to establish or expand a small business. It will provide entrepreneurs with a valid small business idea, self employed or unemployed with funding up to $7,500 to purchase equipment, supplies, business and accounting services or to assist with the provision of working capital.
Applications can be submitted to the Ministry of Finance offices in New Providence and Grand Bahama and to the Business Licence offices in Abaco, Eleuthera and Exuma. For all other islands the applications can be submitted to the island Administrator's Offices.
The Committee will carry out follow up site visits to conduct interviews, administer surveys and to monitor the success of the business
up to $5,000
The Government of The Bahamas believes in investing in young people and improving the quality of life through the combined efforts of hard work and dedication, a solid vision, and a helping hand.
The Self-Starter Programme is a government funded grant-based programme to empower young Bahamian citizens, 18 – 30 years, seeking to establish or expand small businesses. It will provide aspiring entrepreneurs with a valid small business idea, self-employed and unemployed, with funding from BS$1000 to BS$5000 to acquire tools and supplies for their businesses. Funds will be paid directly to the supplier.
The programme is managed by the Department of Youth, with an independent selection committee responsible for the selection process.
Small Business Loan
up to $250,000
A person who wants to establish a small business and access guarantee loans at a concessionary interest rate at a commercial bank. The loan cannot exceed BS$250,000 dollars and must be repaid within 10 years.
A small business individual seeking to start business or undertaking a project relating to their existing small business. The applicant must:
Be a Bahamian citizen
Be 18 years or older
Not be under any other liability with another bank under the same program