The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Small Business Development Centre (SBDC) has either approved or disbursed some $11.2m in financing to help micro, small and medium sized (MSMEs) businesses survive the pandemic.

Davinia Grant, the SBDC's director, told reporters that the $20m Business Continuity loan initiative targeted at MSMEs had produced "$9.8m in approvals, $1.4m disbursed in loans, and I would have to get back to you to tell you how much of that has been grants thus far".

She added: "Retail trade and services account for just under 45 percent of the total amount of requests. Total requests are just under $34m, and after that there is manufacturing and finance, insurance and real estate."

The government has made available $5m in grants on top of the initial $20m to assist MSMEs in meeting their payroll obligations. The total package is worth $25m, with companies able to obtain between $5,000 to $300,000 from the $20m loan element. Approved MSMEs will have a four-month grace period before they start making payments.

Ms Grant said: "The initial SBDC programme was a $5m-a-year programme. Then Hurricane Dorian happened, and a $10m programme was added on top of a $5m programme. Now a $25m programme has been issued on top of a $10m programme on top of a $5m programme.

"While the funding we have committed to provide to Bahamian MSMEs has grown exponentially, the complement obviously could not have grown at the same rate. That said, the SBDC even before COVID-19, recognised the need to move smarter."

Ms Grant said the SBDC is trying to "ensure that there is no more cannibalism within the programme", and no reduction in help and assistance to entrepreneurs who originally sought the SBDC's support before COVID-19. She added: "We can still help all of the various types of MSMEs with all of their needs."

Ms Grant said an online training programme for all MSMEs will launch in May to help adjust their business concepts due to COVID-19.