Prime Minister Dr. Hubert Minnis assured yesterday that youth entrepreneurial empowerment will be the government’s major focus which is considered as a measure to tackle problems such as unemployment, crime and social issues.

Dr. Minnis addressed the government’s commitment to youth entrepreneurial empowerment during the launch of Bahamas Striping Group of Companies Investment Group.

Bahamas Striping Group of Companies was started by a young Bahamian who was awarded a $5,000 self-starter grant from the government.

According to the prime minister, there are countless examples of young individuals who have ideas to start businesses, but who have no source for funding to advance their proposals.

“They are unable to obtain funding through the established commercial banks and quite naturally they would not have the connection or knowledge to obtain private funding.  So what happens? The dream is deferred and the dream subsequently dies,” Dr. Minnis explained.

“Needless to say, this leads to personal frustration and social explosion.  And so I applaud this new initiative by Bahamas Striping as it has the potential to open the doors for many.”

The Investment Group is described as a cross between the government’s self-starter grant and the Bahamas Entrepreneurial Venture Fund, which invests in new or rapidly growing companies.

Three recipients were awarded grants from the Investment Group.

Also during his address, Dr. Minnis indicated that the private sector must expand and become the sector of the Bahamian economy that is “bold and imaginative.”

“We know that the public sector is already over burdened when it comes to creating new employment and so any opportunity that the private sector has to expand and create new employment should be welcomed,” Dr. Minnis said.

He added that the economy needs small and medium sized enterprises to grow and become successful.
“More often than not, these are the companies that employ those who are marginalized and who may not fit into the conventional mainstream of employable skills.  But the marketplace must find room for such men and women, and often the best way to do this is allowing such persons to do their own thing,” Dr. Minnis said.

The prime minister also noted that the economy needs all types if individuals to grow and to flourish.

“We know of the ever growing demand for those who would wish to do landscaping and gardening services, trucking and haulage, grooming and beauty businesses, food and drink vending services, and so on and so forth.  Not everyone has to become a mechanic or a contractor or the likes.  Find that for which there is a demand and then create a service,” Dr. Minnis explained.

He further assured that the government is committed to helping the “small man.”

“We believe that he [small man] has a stake in the economic growth of The Bahamas and we will put our resources to work for you,” Dr. Minnis said.