The Bahamas Development Bank (BDB) is responding to the needs of the community by using innovative methods.
During a meeting with entrepreneurs and members of the community, BDB discussed some of the ways the bank is attempting to service entrepreneurs whose needs are not always being met by traditional banking products.
BDB Executive Manager of Human Resources John Darville, welcomed attendants, Thursday, at UB Library, and gave an overview of the bank and its work in the country. Credit Officer Jeremie Johnson served as Master of Ceremonies.
BDB Manager of Strategic Business Development Sumayyah Cargill explained some of the features of the bank’s latest initiative, called ‘The Corner House Project,’ which is a prospective marketplace from which entrepreneurs and small business owners can stage their products and offer services at a minimal cost.
The venue would be a place where over 250 entrepreneurs would have access to do business.
Mrs. Cargill said BDB is trying to find ways to level the playing field so that small and even home-based entrepreneurs would have a more formal stage for their goods and services. She said that persons such as cigar makers, candy makers, juice vendors and other persons with tourism-themed offerings, would be able to tap into doing business in this ecosystem.
The United Nations-funded initiative is focused on the agriculture, tourism and creative industries.
Mrs. Cargill said that the new initiative addresses some of the historical injustices and disadvantages that certain persons in the community face when attempting to access financial services for their businesses.
“We wanted to be an unconventional financial institution so a rethink was needed,” she said. “After engaging with the public, we realized that the old business models used were out-of-date and were not adequately responding to the needs of the community.” Consequently, many lessons were learned which will help shape the future offerings at the bank.
The bank is currently revamping its website and resource centre in order to more effectively and efficiently serve clients.
