The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Small Business Development Centre (SBDC) has received 411 applications from businesses eager to access a $5,000 self-starter grant within a month of the initiative's launch.

Phyllice Bethel, head of the SBDC’s funding department, used yesterday's Exuma Business Outlook webinar to encourage more submissions from the island's micro, small and medium-sized enterprises (MSMEs) as they currently accounted for just 3 percent of the applications.

“Earlier this month we launched a $5,000 standalone grant for all Bahamian MSMEs across all islands," she said. "As of Monday we had a total of 411 standalone grant applicants, but only 14 applications submitted from Exuma. This is three percent of the total number of applications submitted.”

Turning to the other initiatives being pursued by the SBDC, which is also known as the Access Accelerator, Ms Bethel said almost $44m out of an approved $56.6m has been distributed to Bahamian entrepreneurs.

"Through our regular programmes, Access Accelerator has enabled more than 400 entrepreneurs to be approved for roughly $16m of funding, of which over $10m has already been disbursed," she added.

"These figures exclude the 570 entrepreneurs who were approved for a total funding of $40.6m through our Business Continuity Loan programme, which has disbursed a total of $33.9m in the last couple of months.”

Ms Bethel continued: “Another initiative is reducing the cost of doing business in The Bahamas. Very soon, Access Accelerator - in conjunction with the Chamber of Commerce - will launch a technology grant programme.

"Solar technology companies can apply for the technology grant because they enable other businesses to operate more profitably due to lower energy costs and consistent energy supply. You do not have to be a technology company to benefit from the technology grant. In fact, if your business or any business can increase productivity and profitability using technology, you can apply.

"For example, instead of employing a full-time accountant to prepare end-of-month financial statements, any business owner can use the technology grant to purchase financial accounting software like Quickbooks and pay for Quickbooks training."

M Bethel said the SBDC is also involved in creating the proposed National Digital Marketplace that was recommended by the Economic Recovery Committee in its report to the Government.

"Through this platform, vendors can easily register and upload content such as pictures, videos and product descriptions, and begin to export goods - from crafts, foods, cosmetics and boats, as well as services - to an unlimited number of buyers around the world in exchange for their foreign currencies," she added.

Referring to tourism's shutdown due to the COVID-19 pandemic, Ms Bethel said: “What are we going to do besides scratching our heads? Upgrade the agriculture industry by giving farmers easier access to Crown Land, hydroponic systems, training programmes as well as packaging and processing facilities.

"We will also facilitate market surveys to help farmers better determine demand levels for a variety of products, so all farmers are not producing the same crop in quantities that far exceed demand. The Access Accelerator and the Ministry of Agriculture are both advocates of working to bridge the gap between farmers and wholesalers, grocery stores, hotels, restaurants and consumers at large.”

Troy Sampson, the Bahamas Development Bank's business development manager, said: “Across our archipelago we have done what we like to consider ‘seeding’ certain industries. These are perhaps in the embryonic stages for the most part, and I think it was in 2017 where we commenced with the apiary programme in Grand Bahama.

"Looking at the statistics, we have been advised that approximately $30m of honey is imported into the country on an annual basis. We have bees here that can make honey. How do we now extract value from that sector? So we have had great exchanges with the Exuma Foundation in terms of building out the capacity there, helping to move this and exploit this as an area for opportunity for Exumians.

“We have gone to Long Island and we have established the small ruminant project. Long Island has a history of sheep and goat rearing. They still have an affinity for it; they have the institutional knowledge that they have had over these many years," Mr Sampson added.

"How do we put them on a track where they can now become, once again, the supplier of mutton for these islands? How do we reduce our import bill for sheep and goat meat where we have people that have had a long history of this. So all of these opportunities are there, and we now have to bring them into focus.”