Nassau, The Bahamas, 30 Septmber, 2024- The Bahamas Development Bank (BDB) and Disney Cruise Line (DCL) have announced the launch of a new programme to empower local entrepreneurs—‘Elevate Eleuthera’—a joint effort providing technical, operational and funding support to help local businesses benefit from the economic growth driven by DCL’s presence on the island.
‘Elevate Eleuthera’ represents the next phase in the collaborative efforts of BDB and DCL to support and grow Eleuthera-based businesses. The two organizations first partnered earlier this year to launch the National Eco-Tour Operators Co-operative (NETO Co-op), which provided an affordable avenue for local businesses to gain the liability insurance needed to provide their goods and services to visitors.
Nicholas Higgs, Managing Director of the Bahamas Development Bank, emphasized the bank’s broader commitment to economic development across all islands, and expressed his satisfaction with the initiative’s growth.
“While direct lending is the major focus of BDB, economic development is mandated by our act. This initiative with Disney Cruise Line and the National Eco-Tour Operators Co-operative has not only provided necessary insurance but also opened new avenues for business growth and cultural expression across the country.”
Higgs added, “Through Elevate Eleuthera, we are equipping vendors with the tools they need to succeed, ensuring that the island remains a top destination for unique and authentic Bahamian experiences.”
Local businesses, now represented by NETO Co-op, have been offering their services to cruise passengers since June of this year. Building on this success, BDB and DCL plan to equip more businesses with the technical, operational and financing capacity needed to meet growing demand from Disney guests. The primary goal of the Elevate Eleuthera programme is to ensure that local businesses are well-equipped to deliver high-quality, innovative, and sustainable tourism experiences that meet market demand and customer expectations. This goal will be achieved by supporting emerging businesspersons with their business licenses and plans, while established businesses will benefit from product enhancement, brand strengthening, and digitization support. Both emerging and exisiting businesses will have access to BDB’s low-cost financing to fund their business’ start-up or growth.
In total, 25 established local businesses will be supported in developing ready-to-market tourism products through training and technical support. Grants and debt financing opportunities will be available to 10 established businesses and 10 microgrants will be made available for project summaries and financial statement reviews. Opportunities for emerging businesses includes training and technical support for 25 businesses, 10 grants for start-up financing, and 10 microgrants for business plans and financial statement reviews.
Joey Gaskins Jr., Regional Public Affairs Director for Disney Cruise Line, added, ” Even before the first ship docked at Disney Lookout Cay at Lighthouse Point , Disney has been dedicated to supporting the communities we are a part of. The implementation of the NETO Co-op insurance solution by BDB was a testament to our shared commitment to fostering sustainable economic growth in Eleuthera. With the launch of Elevate Eleuthera, and our continued collaboration with BDB, we are excited to see local vendors thrive as we welcome DCL guests to experience the beauty and culture of Eleuthera and The Bahamas at large.”
The continued success of this initiative marks a new approach to the economic inclusion of Bahamians in the nation’s number one industry. A growing number of business owners are now empowered to contribute to the vibrant tourism industry while preserving and promoting their cultural heritage. Industry leaders will be contracted to carry out Elevate Eleuthera and other project components designed by the Bahamas Development Bank.
