The Tribune

By YOURI KEMP

The Bahamas Chamber of Commerce yesterday unveiled the relaunch of its "Restore Bahamas" initiative to help small businesses rebound from Hurricane Dorian's devastation.

The private sector organisation said it was reviving the effort conceived in 2015 following Hurricane Joaquin, when it raised more than $400,000 with the help of partners such as the Rotary Clubs of The Bahamas to assist micro, small and medium-sized enterprises (MSMEs) in the southern Bahamas with their storm recovery.

Hubert Edwards, Restore Bahamas' chairman, said the initiative was intended to supplement and add to the $10m equity/guaranteed loan financing made available by the government to support Abaco and Grand Bahama MSMEs rebuild in Dorian's wake.

Revealing that Restore Bahamas will seek financing from international sources, Mr Edwards added that it is working closely with the presidents of the Abaco and Grand Bahama Chambers of Commerce to better understand and support the specific needs of their communities.

"We will be giving small grants to small businesses to help them get back on their feet," Mr Edwards explained. "We understand the urgent need to get commerce re-started in Abaco and Grand Bahama to help speed up the rebuilding process. We will institute what was done before after Hurricane Joaquin.

"We will follow the necessary due diligence processes and require the requisite registration documents from business persons; we won't be giving money away willy-nilly. We will seek to make any proceeds paid directly to the vendors of the business rather than having money sent directly to the business asking for financial assistance."

When asked by Tribune Business whether Restore Bahamas has a funding target, Mr Edwards said: "We would not want to highlight a figure just yet. But our committee meets on a weekly basis, and we're still trying to ensure that we move in concert with all of the other moving parts involved, particularly in terms of the Chamber of Commerce branches in Abaco and Grand Bahama and the other agencies involved in business support services."

As for funding sources, he added: "We are targeting funding outside of what was announced by the prime minister. We're looking far and wide for funding, especially internationally with other Chambers of Commerce, particularly with CariCham- The Network of Caribbean Chambers of Commerce.

"Where we have contacts out of country we will also seek assistance outside of funding. For example, assistance with businesses looking to partner with international agencies and other businesses, and provide businesess in Abaco and Grand Bahama with contacts to any party if needed.

"We encourage people to support the Chamber in the wider restoration of Abaco and Grand Bahama. The chamber is committed to the restoration of commerce in this area and we are asking persons to support the chamber and Restore Bahamas by going to our website and find out how you can support the people of Abaco and Grand Bahama."