NASSAU, BAHAMAS — Free National Movement (FNM) Deputy Leader and St Barnabas MP Shanendon Cartwright yesterday accused the Davis administration of paying “lip service” and “false solidarity” with small businesses and entrepreneurs.
Cartwright said support for the sector was slashed significantly in the 2022/2023 fiscal budget.
“The significant role of small businesses and their impact on the economy can not be overstated,” said Cartwright during debate in the House of Assembly.
“Big businesses were once small businesses so the impact of small businesses is especially true in the tumultuous economic times we find ourselves in. Small and medium-sized businesses are the engines of the economy and their role in reviving and strengthening our economy is mandatory if we are serious about long-term sustained prosperity.”
Cartwright continued: “Bahamians are bewildered and disappointed that although the government had pledged $250 over five years, $50 million is visibly absent in the budget for that. Allocation for SMEs through the SBDC, the Development Bank, and Venture Capital Fund still doesn’t add up to $50 million.”
According to Cartwright, the Minnis administration had committed $42 million to small businesses.
“What is visible is the massive cut from $25 million to $8 million,” the St Barnabas MP said.
“At a time when we should be throwing our full support, the government cuts funding by 68 percent. Not shoring up that sector shows that the government is not serious about small businesses and if you’re not serious about small businesses, you’re not serious about the economy.”
Cartwright noted that direct funding to the Small Business Development Centre for operational expenditure was cut by more than 55 percent for the upcoming fiscal year.
”They are only paying lip service to small businesses and aspiring entrepreneurs,” said Cartwright.
