Just over $200K has been granted to applicants of the government’s self-starter program since July, as the minister responsible says the government intends to table a long-awaited report on the program when the House of Assembly reconvenes.
Minister of Youth, Sports and Culture (MOYSC), Charles Maynard, told Guardian Business yesterday that about 90 persons had been approved under the program thus far for the government’s 2011/2012 fiscal year. Not all of those have received funding yet, but according to the minister, they should receive grants soon.
“We have some [approved grants] pending and they should get releases some time this month or early next month,” Maynard said. “Another 130 are awaiting approval and subsequent grants.”
The self-starter program grants up to $5,000 in start-up capital to entrepreneurs 30 years old or younger. According to Maynard, the last 12-month period has seen a record number of applicants – the most for any 12-month period since the program launched in 2007.
Senior Assistant Secretary, Ricardo Deveaux, spearheads the program at MOYSC. He told Guardian Business yesterday that for the period from July to October 2011, 42 grants have been disbursed totaling $200,270.55.
Bahamians interested in seeing first-hand some of the businesses and the young entrepreneurs behind them will get another opportunity on November 26. The ministry is holding a trade fair at the Town Centre Mall. Maynard said he’s anticipating at least fifty self-starter beneficiaries will be there. Some recipients from the Family Islands will have their start-ups represented as well through photographs that will be on display.
“It’s a wonderful opportunity for Bahamians to see samples of what these young entrepreneurs are doing, and for them it’s a chance for marketing and exposure so they can attract new business as well,” Maynard said.
“It should also encourage young people to see the potential of the program and how they can empower themselves.”
At the end of October some 200 self-starter awardees participated in a seminar at the Sheraton Nassau Beach, Maynard said. He said it was a great opportunity for networking with each other and the broader business community that participated in the seminar.
During the fiscal year 2010/2011, the program presented 100 grants for a disbursement of $448,237.58, Deveaux told Guardian Business.
While there have been some well publicized successes coming out of the program, many citizens are still awaiting a report promised since at least the beginning of this year. That report was to layout the results coming out of the program, now in its fifth year. If the intention to table it in the House comes to fruition, the public should get to see it on November 28.
Guardian Business asked Maynard for a preview of what to expect from it.
The report is to cover from 2007 to October of this year, Maynard said. A full report of all Self-Starter grant recipients, it will detail items like how much businesses received, whether they were ongoing businesses or had been dissolved and how many people they employed.
“We were very pleased with the results of the study and to be fair, there is still a percentage of people we cannot get in touch with,” Maynard said.
According to him, in some cases the Ministry is aware that the businesses of the recipients are ongoing, but contact information on file for the entrepreneurs was no longer effective for reaching them.
Stewart Miller
Nassau Guardian Business Reporter
