Bahamas Empowering Women Entrepreneurs: SBDC grants $604,782.79 to 83 female business owners

The Small Business Development Centre (SBDC), in progressing women business owners in the Bahamas, has taken another leap granting $604,782.79 to 83 women during a press conference held on August 14, 2024.

This new program is another example of what the SBDC does on a continuous basis to support entrepreneurial development and the critical role that women are carrying in the economic transformation of the country.

Ann Marie Davis from the Office of the Spouse of the Prime Minister of Bahamas confirmed the benefits of women’s engagement in all fields of society. Davis stressed that if women are provided with a chance for decent employment, the resulting benefits do not stay with the individual but go beyond the given community.

Speaking in detail about the objective of the Centre, Samantha Rolle, the Executive Director of the SBDC, added that the Centre’s function is to stimulate the development of entrepreneurship in the Bahamas.

She said that through various programs and initiatives, the SBDC has offered support to women entrepreneurs in the areas of funding, training and mentorship this year. However, more important than the funding is the great array of services provided by the SBDC.

She went on to say that training, mentorship, and support are equally important in building capacity for newcomers seeking to establish new businesses.

The organisation’s Deputy Executive Director, Phyllice Bethel noted the regional placement of grant beneficiaries stressing that of the 83 women who received grants, 34 of them are from Grand Bahama and the Family Islands. In more detail, 14 businesspeople in Grand Bahamas were funded, 98,410 US dollars; 20 women in 8 other islands were funded 136,327 US dollars.

Deputy Director Bethel also gave other stunning statistics of the role of SBDC for women entrepreneurs. Up to June 30, 2024, $29 million funding had been disbursed to 1,139 businesses by Women Venture focusing on women entrepreneurs.

Through SBDC they have been able to secure $8 million towards its growth. As for the latest round of SBDC grants supporting women business owners, the figure has reached 1,222 and the approved funding are $30.4 million.