NASSAU, BAHAMAS — A well-known small business consultant and advocate said yesterday that operational costs for many small businesses have increased by as much as 25 percent, although this was “no shock” given the supply chain and logistical challenges experienced over the past several months.
Mark A Turnquest, president of the 242 Small Business Association and Resource Centre, told Eyewitness News, “I had advised earlier this year that they should expect a 25 percent hike in their operational expenses due to the shipping and other challenges at the end of last year. This was before the level of inflation we are seeing today and the rise in oil prices. A lot of our association members were expecting this. This isn’t a shock.”
Turnquest noted that the Small Business Development Centre has opened up a grant funding opportunity for distressed businesses still facing challenges brought on by the pandemic.
“The government is doing their best based on their budgetary constraints. I think the government will need to determine how much money they want to invest in the recovery princess and whether they are going to stick to the $50 million annual allocation. We’ll just have to wait and see what they do with the budget,” said Turnquest.
He said his organization has a little over 100 members and is looking to double that number. Turnquest said that the organization is looking forward to the completion of the Small Business Act and for the legislation to become top on the government’s legislative agenda.
