The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Ministry of Finance has received about 60 applications to-date from businesses impacted by the New Providence Road Improvement Project (NPRIP), a senior Ministry of Finance official revealing yesterday that 15 businesses had already received micro-loans as part of the relief plan.

While the Ministry is expected to give a more detailed assessment of the programme in the New Year, Simon Wilson, director of economic planning, revealed to Tribune Business that to-date the Ministry had received about 60 applications.

“To-date we have received about 60 applicants and issued about 30 relief certificates. In addition, we have disbursed micro-loans to about 15 businesses,” said Mr Wilson in response to queries by Tribune Business.

The Government’s compensation programme for businesses impacted by the roadworks associated with the New Providence Road Improvement Project (NPRIP)  began on December 10.

Assistance provided under the compensation plan includes the creation of a deferred payment plan for commercial customers of BEC impacted by the roadworks, and for customers in good standing a 10 per cent rebate on electricity bills for a period of 18 months. For operators whose businesses had closed down, the Government would assume 50 per cent of the outstanding bill if the client pays in full the other 50 per cent.

  TheGovernment has also included in the compensation plan a 60-day deferment on Customs duties for a period of six months for businesses which bring in equipment or inventory for re-stocking, and the establishment of a Road Works Compensation Micro loan facility at the Bahamas Development Bank.

The total size of the facility would be $3 million, and the maximum size of any loan would be $10,000. The Government’s compensation package has been criticised by some businesses owners with the Coconut Grove Business League (CGBL), which represents some 50 businesses along Baillou Hill Road and Market Street, heading back to court to seek damages over the road works.