The Government’s direction for Social Progress is to increase the educational opportunities for young people to become entrepreneurs as well as to assist them to access the financing needed through the Small Business Development Center. This will result in not only enabling the growth of the middle classes but also protecting the middle classes, giving buying power to those in their own businesses to churn the economy.
BTVI will introduce the Become Your Own Boss (BYOB) Scholarships offering $1,000 in tuition support for students who enroll in full time programmes which will train them with technical and vocational skills to start a business or secure employment. This will result in free tuition through scholarships for full-time degree and certification students, so more Bahamians can increase their competitiveness, earn better wages and create their own jobs. BTVI facilities will also be upgraded.
The new Small Business Development Centre is an initiative spearheaded by the Government, the University of The Bahamas and The Bahamas Chamber of Commerce and Employers’ Confederation with support from the Organization of American States. The Centre will provide a resource for all Bahamians to receive advisory and technical support when seeking to open a business or expand their operations. The Centre will also steer entrepreneurs to available funding opportunities through government or private means and assist business owners in navigating through the regulatory and tax registration requirements for a new business.
As our young people develop marketable skills, they position themselves for good paying jobs, or to venture out as entrepreneurs being their own boss. When I think of economic empowerment, I think of the many shopkeepers, barbers, hairdressers and other independent entrepreneurs who work Over the Hill. To provide much needed support to small businesses and residents in the community, a package of economic stimulus activities have been designed for implementation."
The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.