The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

BAHAMIAN businesses have requested a collective $8.1m in financial assistance to help them acquire renewable technologies and energy efficient equipment, it has been revealed.

Phyllice Bethel, the Small Business Development Centre’s (SBDC) interim deputy director, made the disclosure at the Energy Expo 2023 conference while confirming that 77 percent of business respondents to one of the agency’s recent surveys have pledged to alter their energy consumption habits.

To help them achieve this, they requested a collective $8.1m in financial assistance to help with the acquisition of solar panels, solar batteries, LED lighting and other energy efficient materials.

Ms Bethel said: “Now energy efficiency is not achieved by merely installing spray foam insulation or LED lighting. A business must also operate its energy consuming systems efficiently. For example, lighting should not should always be turned off when it’s not needed.

“Although a combination of energy efficiency and renewable energy can potentially result in significant energy cost savings, energy efficiency should be considered before renewable energy. A business that is energy efficient, may not require a large or costly renewable energy system to generate its desired amount of cost savings. [We have to] determine if survey participants truly need $8.1m for energy efficiency upgrades and renewable energy systems.”

Ms Bethel said the Small Business Development Centre has helped funding to entrepreneurs, start-ups and small businesses increase by 5 percent since October 2022. She said the agency has helped 1,977 such ventures accessing financing since it was established, with a collective $76.4m provided to-date through the SBDC’s financing partners.

“This funding is provided through multiple funding programmes and multiple funding partners,” Ms Bethel confirmed. Family Island businesses represent 47 percent of the funding recipients, and she added: “The SBDC currently has Family Island centres in Grand Bahama, Abaco, Eleuthera, Andros and Long Island. Exuma is next.”

Ms Bethel continued: “Our flagship, or main, funding programme is called the Guaranteed Loan Programme, a programme that helps MSMEs (micro, small and medium-sized enterprises) access up to $500,000 in loan equity and grant funding and, in special cases, MSMEs can access up to $1m in funding.

“We have a list of specialty initiatives like the creative entrepreneurs initiative, the women entrepreneurs initiative, the young entrepreneurs initiative, the food security Initiative, the export readiness initiative, but today we’re talking about the renewable energy Initiative.

“On January 31, the SBDC launched the renewable energy Initiative in collaboration with Bahamas Power & Light, Grand Bahama Power Company and the Bahamas Chamber of Commerce,” Ms Bethel continued.

“The first reason for launching the renewable energy initiative is to bring more attention to climate change and global warming. If most businesses rely on renewable energy, as you’ve heard earlier, they will produce less greenhouse gas emissions that contribute to climate change, global warming and catastrophic hurricanes like Hurricane Dorian.

“The second reason for launching the renewable energy Initiative is because energy costs rank in the top three operating expenses for MSMEs around the world.”