Remarks by Prime Minister Hubert A. Ingraham at the Launch of JumpStart Programme
26 January, 2012
I am very pleased to be here this evening to participate in this ceremony for 72 young Bahamians as they begin to fulfill their entrepreneurial dreams.
This programme is a part of a variety of initiatives put in place by my Government to support small Bahamian business – its development and growth. This programme, available to individuals over age 30, is meant to encourage the aspirations and help facilitate the dreams flowing from the imaginations of Bahamians desiring to go into business but who lack the necessary capital funding to do so. Other notable programmes introduced by my Government include Self-Starters which targets budding entrepreneurs between the ages of 18 and 29 and the National Job-Readiness and Skills Programme.
The SelfStarter Programme provides for up to $5,000 in seed money to be made available to cover specific costs incurred by new business persons – i.e. raw materials, supplies or equipment. Already 600 small businesses are beneficiaries under the programme.
I was especially happy and proud to meet, only a number of weeks ago, a young Bahamian business owner, Mr. Ranrick Adderley, proprietor of Fibre Electrical Co. Ltd. Mr. Adderley just so happened to be the subcontracted electrician engaged on the renovation project at the new Office of the Prime Minister. Mr. Adderley was introduced to me when I visited the site one weekend. He told me how grateful he was for the assistance provided to him through the SelfStarter Programme. He said that the funding made available to him made the difference between his being able to open his own business and employ others and remaining an employee of somebody else. SelfStarter made him a successful businessman.
To date the National Job Readiness and Skills Training programme has provided employment, jobs and skills training for 3,000 individuals who were previously unemployed. Without this programme many of these persons would have been “on the blocks” or otherwise idle, out of work and in financial difficulties.
Through these two initiatives, even in these very trying times, thousands of Bahamians are being provided with employment, skills training and also opportunities to become business-owners and employers of additional Bahamians.
Today we take another bold step to enhance the Government’s efforts to foster greater entrepreneurship, private sector business development and Bahamian ownership of small businesses providing valuable services to the Bahamian economy.
Today we begin “Jumpstart”. This Programme, announced last May during the Budget Communication, will make monies available, up to $7,500, to make payments in respect of current invoices for goods and supplies required in your approved business enterprise. $7,500 is the maximum. Every approved applicant would not need $7,500. We will only pay up to what is justifiably required for your business. The monies may only be used in respect of the approved business; you cannot pay other bills unconnected to the approved business with monies from this programme.
The Ministry of Finance, which is responsible for the administration of this programme, has designated persons to receive your submissions of invoices, process them and have cheques made payable to your suppliers.
You represent the first of some 200 individuals who will be approved to participate in this programme. Your businesses are generally connected to providing goods or services to the tourism sector. We are happy to support your business proposals because your proposals were thoughtfully considered and are expected to result in successful business undertakings. Your success in business will deepen the local value-added to our tourism product, an important goal of my Government.
Forty-seven (47) of you are from New Providence. Another 25 of you are from Grand Bahama and are in attendance here via simulcast from the Pelican Bay Resort where you are gathered. Collectively, those awarded grants today may receive funds representing an expenditure of up to $350,000 for New Providence participants and $180,000 for those in Grand Bahama. This makes for a total of $530,000 – just one third of the $1.5 million we have allocated for Jump Start for this fiscal year. Your applications have been approved to provide funding for tourism-related businesses engaged in a wide variety of activities: manufacturers of straw goods – handbags, hats, floor mats, place mats etc., operators of sports fishing tours, rentals of fishing gear and of yachts, producers of sea-shell crafts, manufacturers of jewelry and other accessories, producers of fruit juices and operators of fruit and cocktail juice stands, persons engaged in the sale of souvenirs, the rental of snorkel gear and beach towels and including musicians engaged at resorts and other places of entertainment.
I am encouraged by the diversity of individuals receiving these awards in terms of gender and age, and the services to be offered.
While we begin today with awards for New Providence and Grand Bahama, awards are soon to be made to Family Island applicants.
It is critical to the medium and long term economic health of our economy that we facilitate the growth of Bahamian entrepreneurs and small business.
That is why we have provided up to $5,000 in grant funding for young Bahamians under the age of 30 years to have an opportunity to start their own business through “SelfStarters”.
Through Jump Start we are providing seed money for those of you who are over 30 years of age. We are helping to jump-start your ideas and help give wings to your imagination. But in the end your success will be determined by your hard work, resilience and capacity for organization and innovation dependability and honesty.
In these programmes: SelfStarters, National Jobs Readiness and Skills Training programme, and now Jump Start, Bahamians can see, touch, feel and receive the tangible benefits of the policies of my Government. We do not just talk about caring or believing in you; we act and we deliver. We are doing our part and I urge you to do your part.
And I urge you also, so as to ensure that you are successful, to:
- Be good planners;
- Deliver on what you promise to do;
- Adhere to punctuality and timeliness;
- Treat your customers with the utmost respect;
- Produce exceptional products and services;
- Manage your money in a sustainable fashion; and
- Be honest in your dealings.
The global financial recession has been tough on The Bahamas. Still, it has pushed us to create opportunity out of crisis. That is the nature of life. When you have obstacles in your business, as you invariably will, you can either fold your wings or seek to spread your wings further and transcend the difficulties of the moment to secure the promise of a better tomorrow.
Use wisely the opportunity you are now being given. We are proud of you. Make yourselves and your families and friends proud. I expect and have little doubt that I will hear about great things coming from you.
I wish you every success.
Again, it is my privilege to be among this fine group of budding entrepreneurs. I thank you and good evening.
