DORIAN IMPACTED BUSINESSES TO GET GRANTS, LOANS & EQUITY FINANCING TO RESTART THEIR OPERATIONS.
THIS SAME ACCESS HAS BEEN IN EFFECT AND WILL CONTINUE TO BE FOR OTHER BAHAMIAN ENTREPRENEURS
All documents can be found on www.accessaccelerator.org under the tab “resources”.
Deputy Prime Minister Announces Access Accelerator to facilitate hurricane relief loans for affected entrepreneurs
The Access Accelerator, Small Business Development Centre (SBDC), through the Ministry of Finance and private financial partners, is offering grants, equity investments and government-guaranteed loans to micro, small and medium-sized enterprises (MSMEs) directly affected by Hurricane Dorian.
To jump-start the economies of Grand Bahama and Abaco, it is imperative that employers and employees return to work. The Government of The Bahamas has provided up to 10 million dollars to facilitate grants, loan guarantees and equity capital for entrepreneurs residing and displaced from the islands of Abaco and Grand Bahama. Stand-alone grants will be awarded up to $5000 with a four day turn over time once the application has been received. Private financial partners have agreed to a four to five day turn around period for applications once approved by the Access Accelerator.
Businesses will be required to complete an application process. Companies existing for under three years will be required to attend a one-day seminar to receive assistance with executive summary development. Companies operating for more than three years may complete the application process and submit an executive summary to move to the review stage of the process at their leisure. All documents can be found on www.accessaccelerator.org under the tab “resources”.
The Edmund Moxey Centre will be the New Providence headquarters for the facilitating of this initiative for those displaced persons residing in the capital. Persons in Grand Bahama can go to the BAIC building for assistance, and when it becomes available, Abaco residents can seek help with the process at the NIB building in Abaco. The process to access the hurricane relief government-guaranteed loans will be the same on all islands.
To ensure transparency and accountability, The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) will verify the authenticity of businesses seeking to access funding. Funds distributed through the SBDC will be paid directly to necessary vendors and not entrepreneurs.
As the effort to recover requires a holistic approach, the SBDC along with the Chambers of Commerce across the islands will continue to assist with business advancement and education. Through seminars, workshops and business opportunities, the SBDC hopes to motivate and encourage entrepreneurs as they work toward rebuilding their livelihoods.
The SBDC 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 will work to guide the development, funding, growth, and evolution of Micro, Small and Medium-sized Enterprises (“MSMEs”) in The Bahamas.