The Access Accelerator, Small Business Development Centre (SBDC) has facilitated the disbursement of over $1 million to Bahamian micro, small and medium-sized enterprises (MSMEs) and is on target to provide an additional $1 million to ten other entrepreneurs before it turns one this September. To date, 17 companies have received funding with assistance from the SBDC. Through the organization’s grant committee, bank loans and investments from the Bahamas Entrepreneurial Venture Fund, a total of $1,073,479 was directly invested into local Bahamian businesses. The economic impact of that investment has been calculated at $2.4 million. SBDC Executive Director Davinia Blair called the disbursement of funds evidence of the organization’s continued work. “Having reached over $1 million in disbursed funds is evidence that the organization is indeed at work and is successfully fulfilling its mandate,” said Blair. “Every time a company can successfully obtain financial backing, we see it as not only a direct investment into their dreams but also into The Bahamas.” Blair continued, “The success of small businesses is important for a strong and sustainable economy. The more we can educate entrepreneurs and give them an opportunity to access necessary capital, the more we are strengthening The Bahamas.” The 17 businesses represent the many industries within The Bahamas. Companies range from Bahamian-made ice creams and sorbets to a family island school offering a unique learning experience. Vue-AV, an audio and visual company, is one of the benefactors of funding assistance from SBDC. Juan Bethel, the owner of Vue-AV, described the moment of being approved for funding as unreal. “It was a surreal moment finding out that I had received funding. It also increased my responsibility to continue the journey of growing my company and making it profitable.” Using the money to expand inventory and increase marketing, the entrepreneur said that SBDC assistance is invaluable and the organization makes him feel supported, confident and hopeful. “The SBDC has prepared me to make the right moves. Also, I am not doing this alone because the SBDC is a resource center that I can and will use. This experience is awesome and I have confidence that once I prove myself with this funding, access to further funding for growth is now a realistic hope for my business.” Bethel continued, “I feel supported by SBDC and that makes a huge difference in my pushing forward with positive expectations.” SBDC is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas and the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC). The center will work to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises in The Bahamas. Via: thenassauguardian.com

The government will award $45,000 worth of grants to 18 entrepreneurs who went through the Small Business Development Centre’s branch office set up for Over-the-Hill residents, Prime Minister Dr. Hubert Minnis said yesterday. Minnis, who made the remarks during his budget contribution in the House of Assembly, said the government’s only request of the entrepreneurs who the grants will be handed to, is that they “succeed and do well”. According to Minnis, the grant recipients have formed businesses in the areas of cosmetology, landscaping, craftsmanship, farming, pharmaceutical soap distribution and errand services. One of the grant recipients is creating a business related to bees and their products. “Some of these participants will go on to the broader Small Business Development Centre (SBDC),” said Minnis. “They are completing their business plans over the next two weeks.” According to Minnis, the grant money was made available through donations from members of the private sector. He said it is his hope that other businesses that have the means to donate money will give more to the foundation, so that more people will be able to receive grants. Those new entrepreneurs who go on to the broader SBDC will be able to access additional funding to expand their business ideas. The SBDC/Access Accelerator recently put $786,000 into the hands of 13 entrepreneurs and has already advised 752 clients across The Bahamas. Those businesses include Island Breeze, founded by Kelsey Bridgewater; Better Days Pizzeria, founded by Petula Clammons-Henfield; WonderTech, founded by Don Brown; Exuma Christian Academy, founded by Keniqua Burrows; Pulpy, founded by Shaquille and Anthonique Coleby; Fineena Artis, founded by Donaita Outten; A Stitch in Time, founded by Jennis Thompson; Jujukanoo, founded by Vanessa Miller and Kevin Knowles; Greene Corporate Services, founded by Albertha Rolle; Remarkable Carz Rental Service, founded by Brian Williams; Vue AV, founded by Juan Bethel; Shiver, founded by Elvis Percentie and Melissa Darville; and Drive Greene, founded by Benjamin Davis. Via: tribune242.com

Exuma’s second private school has obtained $163,000 in financing through the Small Business Development Centre’s (SBDC) Access Accelerator initiative. Exuma Christian Academy (ECA, which was founded in 2018 by educator and author, Keniqua Burrows, received $100,000 from the Bahamas Entrepreneurial Venture Fund; $30,000 in equity investments; $15,000 from the Bahamas Development Fund and $18,000 from the SBDC grant. This made the investment in the school, which educates children from pre-kindergarten levels up to grade 12, the largest investment in the Family Islands through the SBDC to-date. “The vision of Exuma Christian Academy came to me in a dream about three years ago,” Ms Burrows said. “God showed me a vision of a different kind of school on the island; a school that was fun and stimulating and, at the same time, challengin. “One that was willing to be as flexible as it takes to ensure children enjoy learning. The kind of school that children don’t feel like it is a chore to go to; that they enjoy and teaches them to be empowered, to be creative and try new things.” Ms Burrows added: “I was thrust into the SBDC after looking for funding. I had approached several financial institutions, investment firms and small business persons. However, I discovered that there was not a whole lot of support for small businesses on the island. “Particularly for schools, I got a lot of closed doors when it came to finding financing. It was through a recommendation from a businessman on Exuma that I did my research on the SBDC. He thought it would be a good option for the school. If it had not been for the closed doors, I probably never would have stumbled upon the SBDC.” Having now accessed the sought-after financing, Ms Burrows said it was not something she takes lightly as a woman in business. “It’s a blessing, that’s the best way I can put it, it’s a blessing,” she said. “Especially as a young woman, it is challenging for persons to take you seriously in business. So, it is a blessing. It’s breathtaking, refreshing. It is a relief. Most of all, I think it’s encouraging and inspiring. I know that many persons will be looking at it and they will feel like: ‘If you can do this, I can do this as well’.” Davinia Blair, the SBDC’s executive director, said: “ECA marks the first major investment to a business outside of New Providence and Grand Bahama. For us, that is a big accomplishment because we don’t want the SBDC to be thought of as a programme for entrepreneurs who live in Nassau. “The SBDC is for all Bahamians - from the capital to each of the Family Islands. As we continue to set up classes on more islands, we are also utilising technology to ensure that entrepreneurs are connected and receiving the full experience of the SBDC.” Ms Blair was also especially pleased that the access to funding ECA has received represents an investment into improving The Bahamas’ human capital. “This financing is a double investment. The funding will go far in growing the school but, also, the knowledge, skills and experiences of Bahamians who will impact the country’s future,” she added. “If Bahamians are going to own more opportunities, they have to be educated, and this is a direct investment into the human capital of The Bahamas.” Kendyce Ferguson, SBDC’s advisor to ECA, said: “What Exuma Christian Academy is trying to accomplish is revolutionary. They want to change the way education is provided to students on the islands. “Sometimes the islands get a little neglected, and on Exuma there is only one other private school option. We know that government schools face many challenges, so there needs to be somebody to bridge the gap and that is what the ECA is trying to accomplish. I’m just happy to be a part of the transformation of education on the island of Exuma. 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 works to guide the development, funding, growth, and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.