The Tribune

A Grand Bahama business has become the largest recipient to-date of financing arranged through the Small Business Development Centre (SBDC).

Fowlco Marine and Logistics Management has obtained $500,000 to help repair its Dorian-impacted facilities, and replace some $200,000 in lost and damaged equipment.

The company’s owners, Glennett and Curtis Fowler, started Fowlco Import Export, their first company, in 2010. After incorporating under Fowlco Ltd in 2017, they expanded by creating Fowlco Marine and Logistics Management.

The marine and industrial logistics management company offers multiple services related to the shipping and port agency sector, including ship agency, trucking and Customs brokerage support. However, after suffering major damage during Hurricane Dorian, the Fowlers turned to the SBDC for help after learning about its Recovery Relief Programme on social media.

“After the passing of Hurricane Dorian, we had a major loss of our fleet and damages that were not covered with proper insurance,” Mrs Fowler said. “Once we investigated more about the Access Accelerator programme, it appeared to be of benefit to companies that were affected by the storm. To not shut down the operation while we figured out a way forward, we realised that the programme was the only viable option.”

The SBDC requested as much documentation as possible from the company and, by simply providing basic business details, Fowlco Marine and Logistics Management was able to obtain a hurricane assistance grant almost immediately.

Mrs Fowler said: “Initially, it was apparent that a great deal of financial records and paperwork were needed to be engaged in the programme. However, with basic information immediately after the storm, we received a $15,000 grant which allowed us to purchase a needed tool.”

Deciding to seek additional funding through the initiative, the Fowlers worked with Caline Newton, SBDC advisor on Grand Bahama, to do the necessary work to access greater financing.

Mrs Fowler said: “We decided to pursue the greater aspect of the programme. We received oversight and recommendations based on our business plan and financials to re-evaluate costs needed to run the company, as well as putting in place needed SOPs (standard operating procedures) from our advisor, Caline Newton.”

This enabled Fowlco Marine and Logistics Management to access $500,000 in investment capital through the SBDC’s Hurricane Recovery Relief Programme. It is the largest financing arranged by the SBDC since it began work in 2018. To-date, it has facilitated some $6m in financing for Bahamian businesses through its regular programme, and $3m from its hurricane relief initiative.

“Being funded allowed us to realise that with a solid business plan, even in an uncertain time in Grand Bahama there is still hope and belief in Grand Bahama,” Mrs Fowler said.

“Also, it is motivation to continue to make progress and not to allow circumstances to define you. The funding allowed us to realise we are one step closer, and that we have what it takes to be a staple in the community and The Bahamas.

“We plan on completing the repairs already began on our facility that was substantially damaged and replacing over $200,000 in loss and damaged equipment.”

Mrs Fowler added: “The greatest lesson we learned through the programme is maintaining an updated business plan, and not cutting cost through necessary insurances. Insurance was in place but on a basic level. Planning for the unexpected can ensure the business is able to recover and continue.

“After ten years of business and many attempts at getting funding, Access Accelerator [the SBDC] has proven to defy the odds of what our impression of banking in The Bahamas for small businesses has been.”

She continued: “The team they have in place, and the support given during the entire process, showed us it is better when someone is working on your side as an intermediary. They were able to navigate the process for us, and although it was quite a process, we would not have survived without the assistance of the Access Accelerator.

“I want to encourage other business owners who may have had, or have, humble beginnings to reach out to Access Accelerator and get the proper information on the programme. It can truly be the chance to put your business on the path to success.”

The SBDC Access Accelerator is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises in The Bahamas.