The mission of the Government of The Bahamas is to improve the quality of life for all the Bahamian people through the creation of a stable, fully employed society in which every Bahamian who is willing and able will become economically empowered.
A vibrant small business sector can be the basis of a fully employed Bahamas.
Properly operated small business enterprises by independent entrepreneurs can provide a needed goods and services in the economy and in that spirit, the Bahamas Government, through the Bahamas Agricultural & Industrial Corporation (BAIC), continues its strategies and policies to expand the Bahamian economy with emphasis on the domestic enterprise sector and Bahamian entrepreneurship.
BAIC is a one-stop-shop agency, ready to assist small business persons with business plans, research, sourcing funding, business advice/counseling, implementation and follow-up. As an encouragement for the development of business in the Family Islands, start-up capital through small business window loans from The Bahamas Development Bank (BDB), The Bahamas Entrepreneurial Venture Fund, and the grant of Crown Land are available to Bahamians.
The functions of BAIC under the Bahamas Agricultural & Industrial Corporation Act, 1981 are as follows:
- To stimulate, facilitate and encourage the development of agriculture in The Bahamas;
- To process the produce of agriculture in The Bahamas;
- To market the produce of agriculture within or outside The Bahamas;
- To carry out, operate and participate in any agricultural projects as the Minister may approve;
- To assist in the creation and development of commerce and industry in The Bahamas;
- To expand and create opportunities for Bahamians to participate in the economic development of the country.
In order to perform its functions, the Act provides the Corporation with the following powers:
- To carry on in The Bahamas any business which appears to the Corporation to be needed for the performance of its functions;
- To carry on any activities incidental to any business which appear to the Corporation to be necessary for the promotion of the business;
- To acquire manage and dispose of land and other property;
- To form subsidiary companies to assist the Corporation in the performance of its functions after prior approval of the Minister;
- To take part in the formation and operation of other companies after prior approval of The Minister;
To engage in any other activity designed to promote the agricultural, commercial and industrial development of The Bahamas.