Wednesday, Nov 21, 2018
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Minnis touts Small Business Development Centre

Dr. Hubert Minnis.

Government continues to create an inviting environment for businesses and entrepreneurs as it attempts to equip the private sector to play a “pivotal role” in boosting employment, Prime Minister Dr. Hubert Minnis said yesterday.

Minnis, who was speaking at a Securities Commission of The Bahamas (SCB) forum, said the responsibility for creating employment “cannot rest solely on the government”, and he explained that government has already allocated $25 million to support micro, small and medium-sized enterprises (MSME). That amount included start-up costs for the Access Accelerator Small Business Development Centre (SBDC).

“The center is the product of a partnership between the Ministry of Finance, University of The Bahamas and the Bahamas Chamber of Commerce and Employer’s Confederation,” said Minnis.

“The center is designed to help entrepreneurs by providing access to elements essential for their businesses to develop and thrive, such as access to capital, sound business advice, assistance with planning and networking.”

He explained that the SCB has been working on ways entrepreneurs can minimize “red tape”, in the search for access to capital to fund their ventures.

The commission is working on legislation that will provide clarity for investors in the cryptocurrency market, especially as so many Bahamians delve into this new financial space.

“We should also develop a viable industry where Bahamians are producing technological intellectual property, and adding value to the development and provision of technological and digital solutions to the world,” said Minnis.

“We are moving forward carefully and taking measured steps to ensure whatever crypto-asset technology solutions we offer the world are strategic, and that they support this jurisdiction’s reputation as a well-regulated, innovative, modern, solutions-oriented international financial center.

“The commission is committed to safeguards to ensure the new technology is not used for criminal purposes, such as money laundering or terrorist financing, which may destabilize the financial system or abuse the markets.”

According to Minnis, the SCB’s new framework will also provide entrepreneurial opportunities for Bahamians in financial services.

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