The Bahamas Chamber of Commerce and Employers' Confederation (BCCEC) hosted its second Power Breakfast for the year at the Margaritaville Beach Resort on Wednesday, November 16th, where Interim Executive Director of the Access Accelerator, Small Business Development Centre Samantha Rolle provided an overview of the work of the SBDC and outlined some of the challenges facing the micro-small and medium enterprise (MSME) sector in the country.
The SBDC, which is the product of a tri-partite arrangement between the Government, through the Ministry of Finance, the University of The Bahamas (UB), and the Bahamas Chamber of Commerce and Employers' Confederation (BCCEC) was launched back in 2018.
Ms. Rolle noted that the SBDC offers business advisory services, mentorship, and incubation, facilitates access to capital, and advocates for the MSME sector.
“We recognize that one of the most critical factors of a robust and resilient economy is MSMEs. It is the small business sector that provides employment, creates wealth, and helps to drive development,” said Ms. Rolle.
Rolle noted that one of the challenges facing small businesses locally is the access to information and statistics, particularly gaps in market research.
“Through market research, small businesses can get it right from the beginning; if they have access to that information,” Ms. Rolle said. She noted that while MSMEs face challenges accessing capital, in some instances the main issue is the lack of bold, well-articulated, and credible business plans.
Ms. Rolle further noted that there are angel investors and others prepared to invest in local MSMEs and a myriad of opportunities for such businesses not only in Nassau but across the country based on the research conducted by the Access Accelerator.
Ms. Rolle stressed the importance of enacting legislation that will ensure the continued support of small businesses in the country. She also noted the SBDC has facilitated more than $70 million in funding to date for some 1,900 clients across the country.
Prime Minister the Rt. Hon. Philip Davis has declared the month of November as ‘National Micro, Small and Medium Enterprises (MSME) Month’ and as a result, a series of events and activities dedicated to highlighting the accomplishments of Bahamian business owners are being held throughout the month, spearheaded by the Access Accelerator Small Business Development Centre (SBDC) and the Ministry of Economic Affairs.
Download the presentation below:
Watch SBDC Client Testimony:
View event photo album below: https://www.power-breakfast-with.thebahamaschamber.com/