The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

More than 50 percent of the financing approved by the Small Business Development Centre (SBDC) has gone to Hurricane Dorian-impacted entrepreneurs, the deputy prime minister said yesterday.

K Peter Turnquest, pictured, tabling the mid-year budget performance report in the House of Assembly, said $4.6m of the $8m in total funding provided through the SBDC for micro and small businesses had gone to storm victims.

“The SBDC has made significant progress in transforming the lives of many young and talented Bahamians,” he said. “From its inception to-date, the SBDC has helped approximately 6,675 Bahamian entrepreneurs with over 900 hours of training, and approved funding in the neighbourhood of $8m, including $4.6m to businesses impacted by Hurricane Dorian in Abaco and Grand Bahama.”

“In addition, as I foreshadowed in the 2019-2020 budget communication, and during the supplementary budget debate, the government will bring to Parliament a resolution for a $25m loan from the Inter-American Development Bank (IDB) to facilitate the enhancement of access to financing for micro, small and medium-sized enterprises (MSMEs), as well as to finance training and advisory services for these businesses.”

Mr Turnquest continued: “As the backbone of the private sector, empowering these entities will ultimately enhance economic development and promote sustainable growth. It is important to point out – given the propensity of some to engage in undue mischief – that the financial impact of this facility has already been factored into the borrowing and debt plans of the government as outlined in our budgets and our fiscal strategy report. Thus, this operation will not add any additional amounts to the sums already projected in the budgets and reports reviewed by Parliament.”

Chester Cooper, the opposition’s deputy leader, responded by calling for greater transparency over which entrepreneurs and businesses were receiving grant, equity and/or debt financing through the SBDC. “In relation to the SBDC we have requested before, and we ask again, for the full listing of all of the persons who benefited from the SBDC, whether by loans or whether it’s by grants,” he added.

“We understand there is a facility for a grant of up to $5,000, and we invite the Bahamian people - and we invite the residents of Exuma and Ragged Island and others across our country - to access this facility. We further ask that the minister release, on a monthly basis, all individuals who benefit as a result of these grant facilities.”

Mr Cooper added: “We have great confidence in the executive director, we have great confidence in many of the independent Board members. However, on the basis that the Prime Minister has indicated that election campaign season is upon us it is important that we have transparency and accountability on all grants awarded by the SBDC.”