NASSAU, BAHAMAS — Acting Financial Secretary Marlon Johnson said yesterday there is “more than enough demand” for capital from local entrepreneurs and small businesses that there is no competition between crowdfunding platforms and entities such as the Small Business Development Centre (SBDC) and Bahamas Development Bank.
Johnson, who was speaking at a press conference on the new crowdfunding rules that are now in effect, said: “There is really no competing resources because there is a vast demand between entrepreneurs and small businesses for capital.
“What this does is it mobilizes the capital in a new and interesting way.
“For the platforms that will be able to apply to the Securities Commission and come on stream, it will be up to those platforms to mobilize the resources. It will give an avenue for small business owners to be able to access capital.
“There are also a number of Bahamians looking to invest and, as an investor, you still have to do your homework.
“There is more than enough demand that gives room for the SBDC, the development bank and these private platforms.”
Minister of State for Finance Kwasi Thompson reiterated the government’s commitment to supporting small businesses and entrepreneurs, noting that the Minnis administration has injected over $60 million into small businesses across the country in the form of grants and loan guarantees.
Thompson noted: “This really is an initiative for small businesses. This is an initiative to help small businesses access additional funding. Crowdfunding allows local investors [to] be able to get an equity stake in innovative businesses. It’s a win-win for both.”
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