NASSAU, BAHAMAS There has been a 58 percent increase in small and medium-sized enterprises (SMEs) between 2017 and 2020, the Ministry of Finance has reported, as nearly 14,000 SMEs have been launched.
Minister of State for Finance Kwasi Thompson said: Since coming to office, we have dedicated an unprecedented amount of resources to support the start-up and expansion of SMEs. We are prioritizing private-sector development because we understand SMEs are crucial for sustainable economic growth.
He added: The Bahamian entrepreneurial spirit has always been a backbone for our countrys economy, but for the first time, the government has recognized this by targeting millions of dollars in investment to ensure that spirit continues to flourish and lift up our economy.
As of September 2020, the Access Accelerator Small Business Development Center (SBDC) had approved nearly $60.5 million in funding for SMEs to support the visions of new and existing Bahamian entrepreneurs. This funding was largely allocated as part of the Resilient Bahamas budget plan for fiscal year 2020-2021, which focused in part on keeping small businesses afloat.
Support for SMEdevelopment will continue through a number of initiatives within the Accelerated Bahamas Recovery Plan for fiscal year 2021-2022. Over the next five years, the government has committed to $250 million in financing for the SBDC, with the first injection of $35 million being allocated in the 2021-2022 budget.
We are not only relying on direct financing. Our budget is leveraging the use of tax concessions to promote the continued development of the private sector, said Thompson.
Were providing incentives to expand your business operations through duty-free imports of first stock inventory and other products necessary to a small business development.
Specifically in our southern Family Islands, weve created tax-free zones to encourage economic growth by way of concessions on materials needed for residential and commercial development and tax breaks on business license fees.
The government also plans to expand financing options for SMEs with new crowdfunding regulations that allow small businesses access to mechanisms that were previously limited to larger organizations. Under these new regulations, small businesses will soon be able to raise up to $5 million in capital.
As SMEs continue to launch or expand, the government is capitalizing on this growth to tackle unemployment. The Government Employee Incentive Program will incentivize hiring as the private-sector economy continues to rebound. Through the program, businesses can apply for tax credits of up to $400 per week to fund the payrolls of up to 10 new employees. The government expects to see 2,500 new jobs created from this initiative.
More here:
- Mixed fortunes for USA and France in 4x400m heats at WRE Bahamas 24 | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- Olympic qualification the main goal for global stars in Nassau | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- World Athletics Inside Track Podcast back in The Bahamas | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- How to watch Wayde van Niekerk live on 4-5 May at the World Athletics Relays 2024 in Nassau, Bahamas - Olympics - May 6th, 2024 [May 6th, 2024]
- JJ McCarthy And His Viral Fiance Are Currently Dominating The Bahamas - Outkick - May 6th, 2024 [May 6th, 2024]
- World Relays in Bahamas includes Bailey, Peoples, and Holmes - Razorbacks Arkansas - May 6th, 2024 [May 6th, 2024]
- World Athletics Relays Bahamas 24: Preview, schedule, track stars to watch and how to follow the event live - Olympics - May 6th, 2024 [May 6th, 2024]
- What To Watch At The 2024 World Relays In Nassau, Bahamas - CITIUS Mag - Citius Mag - May 6th, 2024 [May 6th, 2024]
- WRE Bahamas 24 preview: Netherlands and USA seek more 4x400m success | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- EVERYTHING READY FOR THE BAHAMAS 2024 WORLD ATHLETICS RELAY - Panam Sports - May 6th, 2024 [May 6th, 2024]
- Former FTX Executive Ryan Salame Agrees to Forfeit $5.9 Million Bahamas House in Plea Agreement - Blockchain.News - May 6th, 2024 [May 6th, 2024]
- USA's Paris Olympics Tickets Almost Snatched Away From Men's 4x400m Team After Suffering DQ at Bahamas Relays - EssentiallySports - May 6th, 2024 [May 6th, 2024]
- Airline debuts service between PBIA and Abaco, Bahamas - WPTV News Channel 5 West Palm - May 6th, 2024 [May 6th, 2024]
- Is Sha'Carri Richardson Running at World Athletics Relays Bahamas 24? Everything We Know about Team USA's Lineup - EssentiallySports - May 6th, 2024 [May 6th, 2024]
- Canadian men's 4x100 relay team races to silver in World Athletic Relays in Bahamas - CBC.ca - May 6th, 2024 [May 6th, 2024]
- World Relays make a triumphant return to the Bahamas - Trackalerts.com, track and field news website - Trackalerts - May 6th, 2024 [May 6th, 2024]
- Margaritaville Bahamas cruise offers trips to Key West fall of 2024 - Palm Beach Post - May 6th, 2024 [May 6th, 2024]
- Lewis, Charlton and Hughes join Inside Track Podcast | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- Former FTX Executive to Give Up Bahamas Property Worth $5.9 Million - The Tech Report - May 6th, 2024 [May 6th, 2024]
- The Most Expensive Home in The Bahamas Just Sold for a Record $40 Million - Robb Report - May 6th, 2024 [May 6th, 2024]
- Bahamas: Contest for leadership of opposition party heats up | Loop Caribbean News - Loop News Caribbean - May 6th, 2024 [May 6th, 2024]
- Disney Cruise Line details the Junkanoo theme at new Bahamas destination - Travel Weekly - May 6th, 2024 [May 6th, 2024]
- WRE Bahamas 24 preview: rivalries renewed in women's 4x100m | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- Bahamas Mixed Relay squad punches ticket to Paris Olympics | Loop Caribbean News - Loop News Caribbean - May 6th, 2024 [May 6th, 2024]
- World Relays start today in Bahamas | Sports - Jamaica Gleaner - May 6th, 2024 [May 6th, 2024]
- World Relays are happening this weekend in the Bahamas - Athletics Illustrated - May 6th, 2024 [May 6th, 2024]
- World Athletics Relays Bahamas 24 set to showcase star-studded cast ahead of Paris Olympics - caribbeannationalweekly.com - May 6th, 2024 [May 6th, 2024]
- J.J. McCarthy, Fiancee Enjoying Vacation In The Bahamas - The Spun - May 6th, 2024 [May 6th, 2024]
- "GROSS OVERSIGHT:" BAAAs apologizes for naming of "Haiti-Bahamas All-Star team" - EyeWitness News - May 6th, 2024 [May 6th, 2024]
- WRE Bahamas 24 preview: clash of global title-winning teams in men's 4x100m | News | Bahamas 24 - World Athletics - May 6th, 2024 [May 6th, 2024]
- Cruise bound for Bahamas rerouted to Boston because of storm - CBS Boston - December 19th, 2023 [December 19th, 2023]
- Cruise ship originally headed for Bahamas to stop in Portland due to storm - NewsCenterMaine.com WCSH-WLBZ - December 19th, 2023 [December 19th, 2023]
- Inside Lionel Richie's Star-Studded 'Dancing on the Sand' Weekend In the Bahamas - PEOPLE - December 19th, 2023 [December 19th, 2023]
- 7 Top-Rated Bahamas All-Inclusive Resorts You Should Book - TheTravel - December 19th, 2023 [December 19th, 2023]
- December Cruise To Bahamas Rerouted To Canada - Jalopnik - December 19th, 2023 [December 19th, 2023]
- Alaska Airlines starts flying to the Bahamas from Seattle and Los Angeles - The Points Guy - December 19th, 2023 [December 19th, 2023]
- You Can Now Fly Nonstop From Los Angeles to Nassau, The Bahamas - Caribbean Journal - December 19th, 2023 [December 19th, 2023]
- THE BAHAMAS AND ALASKA AIRLINES CELEBRATE FIRST-EVER NONSTOP ROUTES CONNECTING WEST ... - Yahoo Finance - December 19th, 2023 [December 19th, 2023]
- Cruise ship originally en route to Bahamas docks in Boston due to weather - CBS Boston - December 19th, 2023 [December 19th, 2023]
- Cruise Ship Originally En Route To Bahamas Docks In Boston Due To Weather - Patch - December 19th, 2023 [December 19th, 2023]
- Alaska Airlines Launches First-Ever Routes to Guatemala and the Bahamas - Business Traveler USA - December 19th, 2023 [December 19th, 2023]
- Kickin' It With Q: Cowgirls in the Bahamas (E.5) - Oklahoma State Athletics - December 19th, 2023 [December 19th, 2023]
- Atlantis Paradise Island Bahamas hotel resort review - The Week - December 19th, 2023 [December 19th, 2023]
- A Black Girl's Guide To Celebrating Junkanoo In Bahamas - Refinery29 - December 19th, 2023 [December 19th, 2023]
- The Bahamas and Alaska Airlines Celebrate First-Ever Nonstop Routes - eTurboNews | eTN - December 19th, 2023 [December 19th, 2023]
- Live from AMERICANAFEST 2023: Brennen Leigh & Bahamas : World Cafe Words and Music Podcast - NPR - December 19th, 2023 [December 19th, 2023]
- World Series of Poker Paradise part of growing sports scene in Bahamas - Fox News - December 19th, 2023 [December 19th, 2023]
- TCI young men performing well at Blazer Elite Sports Academy in The Bahamas - Turks and Caicos Sun - December 19th, 2023 [December 19th, 2023]
- Royal Caribbean Closes In on New Resort in Freeport, Bahamas - Cruise Hive - December 19th, 2023 [December 19th, 2023]
- Bahamas: Spilligate'23 concert featuring Burna Boy postponed - St Vincent Times - December 19th, 2023 [December 19th, 2023]
- Snaresbrook Manor is a Luxury Oasis in Governor's Harbour Bahamas - stupidDOPE.com - December 19th, 2023 [December 19th, 2023]
- KU falls to Bahamas in rematch, 87-81 - KUsports - August 8th, 2023 [August 8th, 2023]
- Lindsay Shiver's alleged Bahamas lover downplays plot to kill husband - New York Post - August 8th, 2023 [August 8th, 2023]
- 5 Reasons To Visit This Lesser-Known Island In The Bahamas - Travel Off Path - August 8th, 2023 [August 8th, 2023]
- Ohio or the Bahamas? This kayaking paradise has crystal clear water - 614NOW - August 8th, 2023 [August 8th, 2023]
- Eric Gordon to reportedly represent Team Bahamas - Eurohoops - August 8th, 2023 [August 8th, 2023]
- Sebastian Walcott Is the Rangers'and the Bahamas'Future - D Magazine - August 8th, 2023 [August 8th, 2023]
- These Are The 10 Best Things To Do On Grand Bahama Island - TheTravel - August 8th, 2023 [August 8th, 2023]
- WHAT'S NEW IN THE BAHAMAS IN AUGUST 2023 - PR Newswire - August 8th, 2023 [August 8th, 2023]
- Deandre Ayton, Kai Jones to rep The Bahamas at Olympic qualifiers ... - Loop News Caribbean - August 8th, 2023 [August 8th, 2023]
- Reliving the Legend: Michael Jordan's Bahamas Pick-Up Trash-Talk ... - Landon Buford - August 8th, 2023 [August 8th, 2023]
- For Mayor Adams, Any Day Has the Makings of Flag Day - The New York Times - August 8th, 2023 [August 8th, 2023]
- MAKING HISTORY: 80-member team named for the CARIFTA Games - March 31st, 2023 [March 31st, 2023]
- Bahamas geography, maps, climate, environment and terrain from Bahamas ... - March 24th, 2023 [March 24th, 2023]
- Bahamas | Culture, Facts & Travel | - CountryReports - March 24th, 2023 [March 24th, 2023]
- Bahamas government structure and political parties. - CountryReports - March 24th, 2023 [March 24th, 2023]
- Is Bahamas a poor country? | - CountryReports - March 24th, 2023 [March 24th, 2023]
- Bahamas Population and Demographics from Bahamas | - CountryReports - March 24th, 2023 [March 24th, 2023]
- Bahamas interception of sea-borne Cuban migrants jumps in 2022 - January 17th, 2023 [January 17th, 2023]
- Bahamas national football team - Wikipedia - December 28th, 2022 [December 28th, 2022]
- LeBron James Sipped Champagne and Vodka All Night Alongside Katy Perry in Crazy Bahamas Party in 2010 - EssentiallySports - December 28th, 2022 [December 28th, 2022]
- Hidden Worlds and The Islands of The Bahamas Bringing Awareness to Ocean Conservation - South Florida Caribbean News - December 28th, 2022 [December 28th, 2022]
- 'Smoking a big spliff in the Bahamas': Nick's 10-year plan, and why his 'secret weapon' has him high on life - The Roar - December 23rd, 2022 [December 23rd, 2022]
- SBF's parents visited Bahamas prison where he's in custody - Business Insider - December 18th, 2022 [December 18th, 2022]
- Alex Rodriguez and Jaclyn Cordeiro share Instagram video of their stunning private vacation in the Northeastern Bahamas - Sportskeeda - December 12th, 2022 [December 12th, 2022]
- @realGeorgeHotz More Than Just a Polycule in the Bahamas, That's for Sure! - Latest Tweet by Elon Musk - LatestLY - December 12th, 2022 [December 12th, 2022]
- Bahamas' Attorney General Defends Country's Regulatory Regime Amid FTX 'Debacle' - CoinDesk - November 30th, 2022 [November 30th, 2022]
- Dayton regroups with two home games this week after 0-3 finish in Bahamas - Dayton Daily News - November 30th, 2022 [November 30th, 2022]
- The Bahamas' Club Med Columbus Set To Reopen This Month - TravelPulse - October 15th, 2022 [October 15th, 2022]
- UH, U of the Bahamas partner in island sustainability, disaster risk reduction | University of Hawaii System News - University of Hawaii - October 15th, 2022 [October 15th, 2022]