By BARBARA WALKIN

FN Night Editor

barbara@nasguard.com

Twenty-five Grand Bahamians were among 72 young Bahamians receiving the initial financial assistance for their businesses from the government's JumpStart Progam, that was officially launched yesterday by Prime Minister Hubert Ingraham.

In a simulcast address from New Providence, the prime minister congratulated the recipients in Grand Bahama that were gathered at Pelican Bay Resort.

"This program is a part of a variety of initiatives put in place by my government to support small Bahamian business – its development and growth. This program, available to individuals over age 30, is meant to encourage the aspirations and help facilitate the dreams flowing from the imaginations of Bahamians desiring to go into business but who lack the necessary capital funding to do so," said Ingraham.

"Today we take another bold step to enhance the government's efforts to foster greater entrepreneurship, private sector business development and Bahamian ownership of small businesses providing valuable services to the Bahamian economy."

He noted that today JumpStart begins.

"This Program, announced last May during the Budget Communication, will make monies available, up to $7,500, to make payments in respect of current invoices for goods and supplies required in your approved business enterprise."

Prime Minister Ingraham said that the $7,500 is the maximum. "Every approved applicant would not need $7,500. We will only pay up to what is justifiably required for your business. The monies may only be used in respect of the approved business; you cannot pay other bills unconnected to the approved business with monies from this program."

He explained that the Ministry of Finance, which is responsible for the administra- tion of this program, has designated persons to receive recipents submissions of invoices, process them and have checks made payable to their suppliers.

"You represent the first of some 200 individuals who will be approved to participate in this program. Your businesses are generally connected to providing goods or services to the tourism sector. We are happy to support your business proposals because your proposals were thoughtfully considered and are expected to result in successful business undertakings. Your success in business will deepen the local value-added to our tourism product, an important goal of my government," said Ingraham.

"Forty-seven of you are from New Providence. Another 25 of you are from Grand Bahama and are in attendance here via simulcast from the Pelican Bay Resort."

Collectively, he revealed, those awarded grants may receive funds representing an expenditure of up to $350,000 for New Providence participants and $180,000 for those in Grand Bahama.

This makes for a total of $530,000 – just one third of the $1.5 million the government has allocated for JumpStart for this fiscal year. "Your applications have been approved to provide funding for tourism-related businesses engaged in a wide variety of activities: manufacturers of straw goods – handbags, hats, floor mats, place mats etc., operators of sports fishing tours, rentals of fishing gear and of yachts, producers of sea-shell crafts, manufacturers of jewelry and other accessories, producers of fruit juices and operators of fruit and cocktail juice stands, persons engaged in the sale of souvenirs, the rental of snorkel gear and beach towels and including musicians engaged at resorts and other places of entertainment."

The prime minister said that he is encouraged by the diversity of individuals receiving these awards in terms of gender and age, and the services to be offered.

"While we begin today with awards for New Providence and Grand Bahama, awards are soon to be made to Family Island applicants."

He urged the recipents to be good planners; deliver on what they promise to do; adhere to punctuality and timeliness; treat customers with the utmost respect; produce exceptional products and services; manage their money in a sustainable fashion; and be honest in their dealings.

"The global financial recession has been tough on The Bahamas. Still, it has pushed us to create opportunity out of crisis," he added. "That is the nature of life. When you have obstacles in your business, as you invariably will, you can either fold your wings or seek to spread your wings further and transcend the difficulties of the moment to secure the promise of a better tomorrow."