The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

THE Chamber of Commerce is aiming to “kick start the economy in the shortest possible time”, so that Bahamian businesses and employees can rebuild their lives in the wake of Hurricane Matthew’s devastation.

Edison Sumner, the Chamber’s chief executive, told Tribune Business that the organisation would be working closely with the Government to ensure the private sector fully exploited the post-Matthew ‘exigency Order’ and other available restoration tax incentives.

With small and medium-sized businesses (SMEs) a particular focus, Mr Sumner said the Bahamas’ recovery from the Category Three/Four storm will be impossible unless the business community is restored to full operational status.

While also planning to assist with humanitarian relief efforts and supplies, its Rebuild Bahamas partnership with the Rotary clubs having been revived, Mr Sumner said the Chamber would be concentrating on the provision of technical assistance, access to credit and acquisition of supplies for storm-hit businesses.

“Our role is to assist the businesses to get back into business,” he told Tribune Business, “because if we’re unable to spur activity in the economy and give the boost that’s needed, we can’t get small businesses back into business.”

Mr Sumner said Roderick Simms, the Chamber’s Family Island director, was late last week assessing the needs of North Andros’s business community - one of the areas hardest hit by Matthew.

Meanwhile its chairman, Gowon Bowe, together with another Chamber vice-president, Bahamas Telecommunications Company (BTC) chief executive, Leon Williams, were in west Grand Bahama as part of the Prime Minister’s delegation.

Mr Sumner emphasised that the Nassau-based Chamber planned to work with its affiliate organisations in both North Andros and Grand Bahama to assist with economic recovery, describing business activity in each area as being “in shambles”.

“We will be spending most of our time focusing attention on the business community,” he told Tribune Business.

“If businesses fail, and we cannot get SMEs to open, or facilitate larger businesses with their needs, then those persons trying to recover - and employees of those businesses -will find themselves in dire straits, as the economy is not performing as it should.

“Our role is to kick-start the economy in the shortest possible time, working in partnership with the Government.”

Mr Sumner continued: “The economies of North Andros and Grand Bahama are in shambles. They are really in bad shape. The economies of both these islands have come to a standstill.

“Those still in business, and those impacted, are doing the best they can to get their businesses re-open quickly, as they recognise their lifeblood and livelihoods depend on that.

“But the impact on those economies has been devastating. It’s going to take a long time to get those communities back to normalcy, and will take a long time to get business moving again.

“This is why it’s important to kick-start the economy and get people back to work as quickly as possible, not only because it will pay them a living, but it keeps them occupied and gives them something productive to do.”

Mr Sumner said both the Chamber and Rebuild Bahamas, the organisation created last year in partnership with Rotary to assist in restoration efforts in the southern Bahamas following Hurricane Joaquin, were again registered as charitable organisations.

This will enable them to receive funds, donations and supplies intended for Hurricane Matthew relief purposes, and Rebuild Bahamas will be working with the insurance industry on the private sector’s behalf as it relates to processing claims.

Mr Sumner said the fact that the Chamber and Rebuild Bahamas were still working with businesses in islands impacted by Joaquin, more than a year after the storm’s passage, gave an idea of how long post-Matthew restoration will take.

“Joaquin was devastating to the south-eastern islands, and the population and exposure was not nearly as great as in Nassau, Grand Bahama and Andros,” he told Tribune Business.

“We’re still working with businesses and companies on those islands to get them back up to speed, repairing buildings and getting supplies. It’s taken the best part of a year.

“Based on the level of devastation [with Matthew], it will take a long time to get up and going.”

Mr Sumner also warned that Matthew was likely to result in the permanent closure of some businesses, particularly those without catastrophe or business interruption insurance.

He expressed concern that some owners would view it as too costly or troublesome to re-open, especially if they were already struggling with minimal financial reserves.

“We may also see some businesses folding from this,” Mr Sumner said. “If companies do not get the level of support they need quickly, many may decide not to re-open. If that happens, it will have an adverse impact on the level of unemployment in the country.”