And this dude is in his office every Tuesday too.

http://www.jonesbahamas.com/?c=45&a=10421

This link must be defective also.


Venture Capital Fund Used Up $1 Mil
Rogan M. Smith
Just under $1 million remains in the government-funded Venture Capital Fund that was started over one year ago to finance new, growing or struggling Bahamian-owned businesses, according to a government official.

The Venture Capital Fund offers Bahamian entrepreneurs an opportunity to become self-starters by extending loans to them that might have ordinarily been turned down at traditional commercial banks.

So far 30 businesses have benefited from the Venture Capital Fund.

While Venture Capital Funds are typically considered high-risk investments, they offer potential for above average returns, according to officials. The fund is usually a private sector initiative, but the government started it with a small contribution to show its commitment to getting Bahamian businesses off the ground.

According to Parliamentary Secretary in the Ministry of Finance, Michael Halkitis, while the programme has been very successful to date, the government wants to eventually remove itself from managing the fund and hand it over to the private sector.

Mr. Halkitis said the fund has seen its share of problems in the past. For one, he said the government was inundated with liquor and convenient store applications – something it tried to steer clear of.

"The fund was really designed to look at innovative projects – projects that introduce something new to the economy or new technology or a new service, " he said. "The run of the mill applications for things like convenience stores and bars is something that we really don’t want to concentrate on."

According to Mr. Halkitis, another problem was that most applicants lacked the business acumen and savvy to develop a thorough business plan and marketing strategy.

"They have great ideas and are skilled at developing concepts, but they lack entrepreneurial education," he said. "They don’t have the necessary skills to manage and run the businesses properly.

"Then there were some people that were of the opinion that as long as they got the money to open the business the customers would just walk in. Not enough attention was given to the importance of marketing and going out and actually advertising the product."

Mr. Halkitis said there were also issues with money management. He said some applicants would request funding, thinking that the additional money would solve their business problems.

To combat this problem, the government commissioned a number of professionals to assist applicants in preparing business and marketing plans. There are also plans for these industry partners to put on a series of business education courses to assist people with the actual running of their businesses.

Because of the size of the fund, the government currently limits traditional loans to a maximum of $50,000 and caps off at $200,000 for loans where the government would become an equity partner in the business.

The fund is automatically renewed with $1 million each budget year, which starts on July 1.

"This is something that we want to revisit. We recognize that those amounts are low. Lately we have been receiving some applications where additional funds are required," Mr. Halkitis said.

Several months ago, Minister of Financial Services and Investments Vincent Peet appealed to foreign investors to invest in the country by joining the Venture Capital Fund.

Mr. Halkitis said so far, no foreign investors have come forth.

"We haven’t had any come forward yet, but what we want to focus on right now we’re working on making the funds that we have work, being able to demonstrate to the government that it sponsoring the fund that it is working, so that when we come back to them we can say that this is working and that we’ve put a certain amount of Bahamians in business and created jobs," he said.

"The amounts that we have gotten in the past should be increased in the future. Our next step would be to invite private persons in the country to assist with funding and then hopefully, persons from abroad will invest in it as well."

In order to qualify for funding, potential applicants must write the Venture Capital Fund Administrator, Gomez Partners & Co., outlining their projects and the businesses they intend to start or currently own.

Business plans must show how they intend to market their product, project expenses and potential revenue.

Applicants that want to improve their odds of securing funding are advised to conduct extensive research and a thorough feasibility study.

"Show us what will be in demand in the Bahamas and what Bahamians will need or want to buy," Mr. Halkitis said.

"Show that you can indeed run the business and keep a tight rein on the money and demonstrate a willingness to work hard on the project."

I need some a dat...
I think we talked about this before....I did not know that they started it.
Gee...

I wonder who gets the interest, when Gomez and Co. gets the money for the venture capital!?!?
I wish it was me!

Surprising to me too that they had started it. I thought it was still up for debate has to the scope of the Fund and the establishment of a strong Public- Private partnership that could keep steady re-funding available? And if so where would the public records be showing who has been approved, what sectors they have funded and the like!

Dis feel like another blow-up to come soon. My My

I need some a dat...
I think we talked about this before....I did not know that they started it.Gee...
I wonder who gets the interest, when Gomez and Co. gets the money for the venture capital!?!?
I wish it was me!


news to me too

Surprising to me too that they had started it. I thought it was still up for debate has to the scope of the Fund and the establishment of a strong Public- Private partnership that could keep steady re-funding available? And if so where would the public records be showing who has been approved, what sectors they have funded and the like!
Dis feel like another blow-up to come soon. My My

Took the words right smack dab outta my mouth! Good thing...but politics making it bad...only PLPs need apply...know that kindda way? This is another "gate" waiting to happen! Mark my word...they can't help theysef....they just een gat it like that. If you een on they side...een nothin happenin fer ya! Otherwise, ya have to sell out ya pride and dignity...like Allen and what's his face!:gi:

I need some a dat...
I think we talked about this before....I did not know that they started it.
Gee...
I wonder who gets the interest, when Gomez and Co. gets the money for the venture capital!?!?
I wish it was me!

They een give you none yet???????I THOUGHT YOU IS A CLOSET FNM!!!!! LMAO....***on the floor***:cutie: :cutie: :cutie: :) :) :)

It seems that any positive legislation that The Government puts forward will be met with the same cynicism. This is an initiative that was timely and necessary. It doesn't have any playmates or fights but it is an issue that impacts people. It is an issue which uplifts Bahamians and the economy simultaneously. Did you read The Guardian this morning? It states that the unemployment rate has gone down to 7.3% and we all have seen the other reports that stated that the economy is doing better than it ever has. Initiatives such as this have been the contributing factor to these excellent results. It seems that scandals carry more weight around here than the serious business that The Government is doing in Parliament.

So all of you that are so eager to see all of The Governments' initiatives fail just keep on keeping on because there are other Bahamians (FNMs and PLPs) around that are actually being helped by these initiatives.

And this dude is in his office every Tuesday too.



No wonder why so many people complain they cannot see him, maybe he need to increase his office hours....