NASSAU, BAHAMAS- Forty-three entrepreneurs have been approved for funding under the Sustainable Food Grant initiative, totaling over $1 million.
The Small Business Development Centre in partnership with the Ministry of Agriculture and Marine Resources offers the Sustainable Food Grant, which provides up to $40,000 in funding to both startup and existing businesses.
Speaking at a press conference yesterday SBDC executive director Samantha Rolle noted that the 240 grant applications received were a clear indication of the strong desire to drive growth and innovation within the agricultural sectors.
“Although we have experienced an impressive response from aspiring entrepreneurs across The Bahamas, it is particularly encouraging to note that a significant portion of these applications originated from the Family Islands, underscoring the widespread interest and potential impact of this initiative beyond New Providence. Notably, Grand Bahama led the charge with 80 applications, showcasing the enthusiasm and determination of its local entrepreneurs,” said Rolle.
She added: “Furthermore, with more than 40 percent of the applicants representing start-up businesses, we are thrilled to witness a wave of fresh ideas that contribute to the vitality of these industries. This overwhelming response reaffirms our belief in the transformative power of small businesses as we strive for a more resilient and prosperous future for The Bahamas.”
According to Rolle 43 clients have been approved for funding, totaling the sum of $1 million dollars.
Agriculture and Marine Resources Minister Jomo Campbell noted: “I am delighted the interest in this grant was so high and that the SBDC has reported that the program was oversubscribed with high interest coming from the family islands. Additionally, we see Grand Bahama was the island that had the most applicants at 80 with New Providence coming in a close second at 78. What is also pleasing to me is that fishing and agriculture were neck in neck with the amount of applicants looking to jumpstart or rejuvenate their food p[production businesses,” said Campbell.
