The Access Accelerator, Small Business Development Centre (SBDC) announced that the Government increased its funding for hurricane relief investments of microloans from 15,000 dollars to 50,000 dollars for businesses impacted by Hurricane Dorian.  Davinia Grant, Executive Director of the SBDC, stated that the Government's increase for companies on Grand Bahama and Abaco during the Abaco Town Hall Meetings in Marsh Harbour.  Grant said, "Another thing that I am really happy to announce tonight is that before today we would have told you that the Government has allowed us to offer you a 5k standalone grant based on your application. We can do up to 20,000 dollars in a matching grant, matching any other form of funding. We were funding up to 15k for microloans. Now we have the opportunity to do up to 50,000 dollars in microloans."  Nicholas Higgs, SBDC's Senior Business Analyst, explained that the difference between a regular loan and the SBDC's microloan is the approval process.  Higgs said, "A normal loan goes to an external financial institution, so Royal Bank of Canada (RBC), Bahamas Development Bank, Bahamas Entrepreneurial Venture Fund, they are external institutions. The SBDC decides as a committee once a business has made it to that point if we will put our stamp of approval on it. Next, the business is sent to those financial intuitions for them to go through their risk department then approve or deny. If the business is approved, it receives money, if denied, we take the feedback from the institutions and assist the entrepreneur with making necessary adjustments." Higgs continued, "The microloan is approved once the SBDC's committee approves the business, then we can distribute the money to vendors on behalf of the funded company. By increasing the microloans from 15,000 dollars to 50,000 dollars, it allows us to be able to give more to businesses that need it and in a quicker process."  According to Higgs, banks are less inclined to touch smaller funding requests to focus on the bigger ventures, making the increase in microloans extremely beneficial to small businesses. "Most banks aren't touching the 80,000 to 90,000-dollar requests. They are funding the very big ventures. That makes that 80,000 to 90,000-dollar businesses are a key market in need of assistance, and they really represent the small businesses. The increase in microloan funding now allows us to assist that vulnerable sector of the entrepreneurial ecosystem better."  While speaking at the town hall meeting, Grant also stated that the SBDC had about 1.2 million dollars in approvals for businesses on both Abaco and Grand Bahama.  "I want to report on where we are thus far. I can tell you that as of this afternoon, approximately 1.2 million dollars in funding is approved for both Abaco and Grand Bahama," Grant said. "In terms of approvals, of that 1.2 million, about 40% of that is for Abaco businesses. So far, 200,000 dollars has been distributed on behalf of the businesses to vendors." Grant continued, "We are making good progress, but our goal now is to increase the team in Abaco to quickly close the gap between approvals and disbursements."   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.

RBC Royal Bank (RBC) has already funded six clients through its partnership with the Access Accelerator, Small Business Development Centre (SBDC), according to an RBC press statement. RBC recently hosted a “Pitch Night”, where entrepreneurs presented their business plans and opened up their strengths and weaknesses to comment by a panel. Kevin Darling, RBC vice president, business banking, said in the release that RBC’s goal is to have the entrepreneurs it funds thrive and prosper. “That informs everything we do and it’s why we are proud to give back through partnerships like the one we have with the SBDC,” Darling said. “Entrepreneurs and small business owners are shaping the new economy and it’s important to everyone that good ideas are allowed to take shape, to grow and to flourish. That requires time, commitment and effort from various stakeholders – from governments, corporations, philanthropists and, yes, banks.” The release added that RBC has invested in businesses such as Cheryl’s Taxi and Drive Green Rentals. SBDC Executive Director Davinia Blair said RBC’s support has gone beyond financial assistance. “We are grateful to all of our partners who continuously work with the SBDC to assist entrepreneurs,” she said. “In the case of RBC, they have decided to go beyond just funding,” said Blair. “RBC has stepped in to help our entrepreneurs prepare for what is possibly one of the most important, nerve-racking days of their lives. “I don’t think people understand how hard it is to pitch your business to financial institutions. There’s a lot of the decision-making process that comes down to the numbers and how feasible each company is. However, all of it rests upon the business owner’s ability to sell their product or service with a limited amount of time to do it in.” Founder of Red Sea Bahamas Moses Taylor said his RBC Pitch Night was informative, educational and beneficial. “Pitch Night is informative, especially for people looking for funding,” Taylor said. “You learn questions that investors may have or queries that people may have about your company. It’s a great way for you to get better at pitching and still receive positive feedback at the end of the night.” Via: thenassauguardian.com

The Access Accelerator, Small Business Development Center (SBDC) held its first graduation for the program’s Over-The-Hill component. At the ceremony, 18 graduates received certificates of completion and grant checks for investment into their businesses totaling $45,000. Jeff Andrews, chairman of the SBDC, highlighted the progress of the SBDC and the Over-The-Hill program. “The Access Accelerator will turn one in September, and already 18 clients have received a total of $1.2 million in grants and equity investments,” said Andrews. “As a result of this, we think that these clients will have an economic impact of over $2.4 million. There is currently another million dollars in the pipeline for nine more Access Accelerator champion businesses. We expect those to be realized by the end of September.” Andrews continued, “Today we are distributing $45,000 directly into the Over-The-Hill communities. The $45,000 is only the beginning thanks to the very generous donation from Mark Holowesko. We are committed to ensuring that even more residents of Over-The-Hill benefit. Registration for our second cohort has already begun.” Prime Minister Dr. Hubert Minnis gave the keynote address to the first graduating class of the SBDC’s Over-The-Hill initiative. “Over the years, free people of color from areas like Bain and Grants Town created an impressive network of enterprises and businesses as they overcame centuries of discrimination. As I have said, talent is equally distributed in a society, but opportunity is not,” said Minnis. “Once afforded opportunity and access to things like capital, mentoring and training, individuals with ideas and talents who are determined to work hard can soar to new heights and a better future. I know this is true, and I speak from personal experience. Just like the graduates, I was able to realize my dreams because others believed in me and gave me a chance, just like you have been given a chance.” Taking the time to highlight the graduates’ spirit of togetherness and passion, Dr. Minnis celebrated Ranesha Dean. Dean typed business plans for her classmates that didn’t have access to computers. Thanking her for her generosity, he said, “you are a wonderful and outstanding person and a model for other Bahamians. You have demonstrated team ship, and we need more of that in our society.” Elkym Bowe, who took the principles taught in classes and put them into action, sold out of products before the course ended. Minnis said, “This is the kind of hardworking and dynamic attitude that we should celebrate. He is an example of what can be done to take advantage of the redevelopment and expansion of the port of Nassau and Nassau Harbor.” Dr. Minnis continued, “Small businesses with relevant products and services should take advantage of the redevelopment of Downtown Nassau, Prince George Wharf, the Western Esplanade, Arawak Cay and Junkanoo Beach.” The prime minister also reminded students that the real hard work begins now. “Dear graduates, thank you for your hard work and endurance. You will have good and difficult days but keep striving and do not give up. The truly hard work is just beginning. You will need to work tirelessly to sustain your businesses and to provide quality services and products,” said Dr. Minnis. The SBDC is the product of a tripartite arrangement between the government, through the Ministry of Finance; the University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC). The center works to guide the development, funding, growth, and evolution of micro, small and medium-sized enterprises in The Bahamas. Via: thenassauguardian.com