Ten businesses seeking funding shortlisted for FAO, BDB pitch competition

The Food and Agriculture Organization (FAO) of the United Nations (UN), and the Bahamas Development Bank (BDB), have developed an initiative to assist women and young entrepreneurs in the country, shortlisting ten businesses to compete in a pitch competition for funding. “FAO and BDB implemented the Joint SDG Fund: Building Back Equal through Innovative Financing for Gender Equality and Women’s Empowerment,” the statement said. “Over an eight-month period, the project piloted innovative financing tools designed to support gender equality and provide for women and youth entrepreneurs in The Bahamas.

The project’s objectives included reducing financial risks for these groups, and accelerating progress towards the Sustainable Development Goals.” According to the statement, the initiative was launched in February 2024, attracting 205 individuals, “with 120 receiving specialized training from the University of The Bahamas”. The statement said the project focused on the structural challenges faced by women, and sought to assist them with reshaping their financial landscape.



“The project focused on developing tools tailored to the needs of women-owned micro, small, and medium enterprises (MSMEs) within the tourism and agri-food sectors in The Bahamas,” the statement said. “As part of its commitment to the project, BDB designed financing instruments specifically for gender equality, and the provided on-the-job training for financial institutions on how to best support women-owned MSMEs. “These efforts were further strengthened by the creation of standardized tools, indicators, and frameworks aimed at regulating, measuring, and promoting gender lens investing.

“One of the key outcomes of this partnership was the implementation of a gender financing instrument that offers both grants and debt funding.” The statement said these funding programs equipped women and youth with the resources and support they need to bring their entrepreneurial ventures to fruition. While only ten businesses will be part of the pitch competition, 15 of the entrepreneurs have been accepted for internships.

“Eight mentors are actively working with the cohort over a six-month period,” the statement said. “This broad engagement spans across the islands of New Providence, Abaco, Andros, Exuma, Grand Bahama, and Eleuthera.”.