Ministry of Finance celebrates funding milestone SBDC entrepreneur
NASSAU, BAHAMAS – The Ministry of Finance on Wednesday congratulated Benjamin Davis on the milestone of being the first Bahamian entrepreneur to receive capital funding from commercial banks through the Access Accelerator Small Business Development Centre (SBDC).
Benjamin is the owner of Drive Green Rentals, an eco-friendly car rental company, serving the tourism industry and the domestic market. He is a 22-year old entrepreneur, who drafted his first business plan as student at the University of The Bahamas. Over the years, he said his business plan was revised and improved about 15 times, including with the help of SBDC advisors.
Now, Benjamin has two offers for access to capital from local banks in addition to grant and equity funding for a total capital structure of $200,000.
Overall, SBDC clients have been approved for equity investments worth $130,000 and grant funding valued at $46,800.
“Benjamin is leading the way in so many areas: He shows that as a young person you can be your own boss; he shows us what it takes to seize the many opportunities that are out there for young people; and he shows that you can be entrepreneurial and environmentally aware and turn that into a competitive advantage,” said K. Peter Turnquest, Deputy Prime Minister and Minister of Finance, who met with Benjamin yesterday, during a courtesy call.
“When we set out to invest in entrepreneurs through the SBDC, it was young people like Benjamin at the forefront of our vision. We wanted to help them bring creative new ideas to the market and build wealth as Bahamians. Benjamin’s business introduces new green experiences and services to the tourism industry, an area that is growing, and it is helps build our national network of green infrastructure,” said K. Peter Turnquest, Deputy Prime Minister and Minister of Finance.
With the additional funding secured through the SBDC, Benjamin plans to grow his fleet of electric cars, invest in new charging stations across the island, and market his business. He currently has four vehicles, two of which he purchased under the reduced 10% duty rate set in the Budget this fiscal year for electric vehicles.
“This is the way of the future. The Government is also investing in solar powered parking structures and charging stations to plug in electric vehicles. Not only do we need to improve our carbon footprint, but we need to use green technology to save money wherever we can and to create economic opportunities,” said Minister Turnquest.
I look forward to seeing his business grow; to see his charging stations at airports, restaurants and hotels throughout this country, with electric cars being the predominant rental vehicles,” he said.