The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Prime Minister yesterday said the Small Business Development Centre (SBDC) has just $1m of COVID-19 relief funding that remains to be distributed to successful applicants.

Dr Hubert Minnis, in an address to the Bahamas Business Outlook conference, said the Government's micro, small and medium-sized (MSME) business facilitator has distributed $40m - or over 97 percent - of some $41m in approved financial support through the Business Continuity Loan initiative.

The programmne was launched to help MSMEs survive the COVID-19 lockdown and assist in retaining some of their employees' jobs, with the $41m in approved disbursements more than double the original $20m.

The loans ranged from $5,000 to $300,000 to cover operating costs, with financing coming from entities such as the Bahamas Entrepreneurial Venture Fund, Cash N Go, Leno Corporate Services, Omni Financial Group, Simplified Lending, Bahamas Development Bank and Fidelity Bank (Bahamas)

Turning to the SBDC's regular initiatives, Dr Minnis said: “As of December 31, 2020, the SBDC has, through the Access Accelerator, approved $18.8m in funding and has dispersed $11m. In the first round of the SBDC’s standalone grant, $985,590 has been granted to various SMEs.

"A second round of grants has already garnered 3,200 applications that are under consideration. A third round will be launched shortly. Currently, a total of $2m has been allocated for standalone grants."

"Following the recommendations of the Economic Recovery Committee, the Ministry of Finance has allocated to the SBDC a new location to start two new incubators in New Providence and one new incubator in Grand Bahama," he added.

"The Youth Incubator and Tech Incubator will be launched before summer, giving young entrepreneurs and tech-based entrepreneurs hands-on assistance with their start-ups alongside funding. This will be mirrored in Grand Bahama."

Touching briefly on tourism's need to venture into new market segments, Dr Minnis said: "We have engaged the assistance of a US-based vendor with an existing database of over 10m licensees, along with the Association of Marinas, to launch and market digital sports fishing, fly fishing and yacht charter licenses.

"While encouraging safe and sustainable fishing practices, increasing efforts to target this market segment are intended to diversify the Bahamian tourism product. This will mean more economic activity and jobs for bone fishing lodges, fly fishing guides, boutique resorts and the more than 2,000 Airbnb home owners in the Family Islands offering services to this growing market."

The Prime Minister added that the Government will also "soon unveil the beta pilot of its 'one- stop shop' citizen engagement portal", which will offer driver's licence renewals; birth, marriage and deathn certificates and adult passport renewal applications online.

"More than $9.5m has been paid in unemployment benefits to residents of Grand Bahama and Abaco affected by Hurricane Dorian," Dr Minnis said. "The SBDC has approved 74 applications for funding, with 31 for Abaco and 43 in Grand Bahama.

"Some $2.2m has been approved in small business funding, and $27m has been spent to restore power in Abaco. When completed, the total cost to restore the electricity infrastructure will be approximately $90m.”