Grand Bahama entrepreneurs to gain access to capital via GBPA and ArawakX partnership

Grand Bahama entrepreneurs to gain access to capital via GBPA and ArawakX partnership

NASSAU, BAHAMAS — Grand Bahamian entrepreneurs will now be able to access capital to launch or expand their business ventures via a new partnership between the Grand Bahama Port Authority and local crowdfunding platform ArawakX.

In mid-October, Derek Newbold, GBPA’s Sr Manager of Business Development, met with principals of ArawakX to solidify the partnership, which is anticipated to open opportunities for entrepreneurs in high-growth business sectors to launch their venture and, if they choose, take that venture global.

“We are excited about our partnership with ArawakX,” Newbold said.

“The services they provide are critical to launching a successful operation, essentially helping to package businesses as viable investment options for local and international funding through crowdfunding. We believe this collaboration can unlock opportunities for our licensees and provide wealth creation for Bahamians.”

Newbold said the partnership with ArawakX comes at a perfect time.

“Many businesses are regrouping in a COVID-19 era and rebounding from nationwide emergency orders and lockdowns,” he said.

“Not only will this collaboration connect promising projects with much-needed capital, but also it will effectively prepare entrepreneurs to pitch and sell the business opportunity to potential investors.”

Since the official launch earlier this year, ArawakX has supported the public offering of several Bahamian companies, taking them to the local and regional marketplace with equity crowdfunding.

“In the first three months, we launched three quality companies in New Providence, and we’re excited to be able to work with the GBPA to launch quality companies in Grand Bahama,” said D’Arcy Rahming Jr, Chief Technology Officer of ArawakX.

“This agreement is a meaningful first step to that goal.”

GBPA President Ian Rolle said that access to traditional forms of capital has been the largest impediment for entrepreneurs starting or scaling a business of all sizes.

Rolle said: “GBPA has been a vocal proponent of alternative funding methods for years. Through our events and business support initiatives, we have worked to bring awareness of crowdfunding as an alternative form of securing capital. There is still a way to go in making access to capital less challenging, but this is a great start.”