#Nassau, July 4, 2019 – Bahamas – SBDC reaches one million in
disbursements to small businesses
- Seventeen
clients receive one million dollars
- Economic
impact of 2.4 million expected
- 1.2 million
dollars in pipeline for ten more businesses by September 2019
The Access Accelerator, Small Business Development
Centre (SBDC) has facilitated the disbursement of over one million dollars to Bahamian micro,
small and medium-sized enterprises (MSMEs) and is on target to provide an
additional one million dollars to ten
other entrepreneurs before its tuns one this September.
To-date, seventeen companies have received funding with
assistance from the SBDC. Through the organization’s grant committee, bank
loans and investments from the Bahamas Venture Fund, a total of $1,073,479 was
directly invested into local Bahamian businesses. The economic impact of that
investment has been calculated at $2.4 million.
Executive Director of the SBDC, Davinia Blair called the
disbursement of funds evidence of the organization’s continued work.
“Having reached over one million dollars in
disbursed funds is evidence that the organization is indeed at work and is
successfully fulfilling its mandate,” said Blair. Every time a company can
successfully obtain financial backing, we see it as not only a direct
investment into their dreams but also into The Bahamas.”
Blair continued, “the success of small businesses
is important for a strong and sustainable economy. The more we can educate
entrepreneurs and give them an opportunity to access necessary capital, the
more we are strengthening The Bahamas.”
The 17 businesses represent the many industries within
The Bahamas. Companies range from Bahamian made ice creams and sorbets to a
family island school offering a unique learning experience.
Vue-AV, an audio and visual company, is one of the
benefactors of funding assistance from the SBDC. Juan Bethel, the owner of
Vue-AV, described the moment of being approved for funding as unreal.
“It was a surreal moment finding out that I had
received funding. It also increased my responsibility to continue the journey
of growing my company and making it profitable.”
Using the money to expand inventory and increase
marketing, the entrepreneur said that the SBDC assistance is invaluable, and
the organization makes him feel supported, confident and hopeful.
“The SBDC has prepared me to make the right moves.
Also, I am not doing this alone because the SBDC is a resource centre that I
can and will use. This experience is awesome, and I have confidence that once I
prove myself with this funding, access to further funding for growth is now a
realistic hope for my business.
Bethel continued, “I feel supported by SBDC, and
that makes a huge difference in my pushing forward with positive expectations.”
The SBDC is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC). The Centre will work to guide the development, funding, growth, and evolution of Micro, Small and Medium-sized Enterprises (“MSMEs”) in The Bahamas.
Release: Small Business Development Centre