The Tribune

By YOURI KEMP

Eight Bahamian companies yesterday received grants from the Small Business Development Centre (SBDC) to help kickstart their post-Hurricane Dorian rebuilding efforts.

Fowlco Ltd; Painters Touch (Bahamas); Continuum Financial Holdings; ETP Industrial Outfitters; Last Mile Communications; K & O Landscaping; J C Management & Accounting Services; and Arma Import/Export Seafood were approved to receive the funding as the Government plans to create "one-stop shops" in Abaco and Grand Bahama to aid business restoration efforts.

K Peter Turnquest, deputy prime minister, said these initiatives will concentrate all the government's entrepreneurship-related services under one roof in a bid to streamline approvals processes and make getting into - or re-establishing - a business more efficient.

He said: "The Government of The Bahamas pledged $10m to assist with various entrepreneurs in their rebuilding efforts to get them back on their feet and back in operation, not only to provide opportunities for themselves but to get people back to work and back to a normal as quickly as possible."

Geoffrey Andrews, chairman of the SBDC, said: "We are happy to present the first government grants to small businesses so they can start their rebuilding efforts. There are several more businesses that have been approved and are in the pipeline. We understand that these funds are critical to the redevelopment of these communities as it is to the people."

Nicholas Higgs, the SBDC's lead analyst, said each of yesterday's recipient companies received a different amount up to the $5,000 maximum under the government's post-Dorian special assistance programme.

He added that can also apply to the general SBDC programme and obtain up to $20,000 in grant funding, along with a maximum $100,000 in equity financing and loan facilities up to $500,000.

"Certain ventures that are larger and need more assistance, as soon as we leave this room today we are going back at it to get them in front of financial institutions to get them the full amount they need to accomplish their goals with both loans or equity investments, which would represent a portion of their company and with an exit clause between five to seven years," Mr Higgs added.