The Small Business Development Centre (SBDC)/Access Accelerator has put $786,000 into the hands of 13 entrepreneurs and has advised 752 clients across The Bahamas. According to an SBDC press release, entrepreneur Don Brown’s company Wonder Tech, which fixes mobile phone and tablet screens on-the-go, received $6,000 from the Bahamas Development Bank (BDB) “with favorable terms through the Access Accelerator/SBDC”. The release also tells the story of Green Corporate Services’ Founder Albertha Rolle, who received $15,000 from the BDB. Her company provides business management consultancy services. It also outlines entrepreneur Kelsey Bridgewater’s receipt of $15,000 in loans from the BDB “to purchase boat engines and materials that will help to expand his excursion business”. The release further reveals how these business owners came to create the businesses they have. “Don Brown of Wonder Tech was sitting down to watch ‘The Rock’ wrestle when his wrangling led to a [broken] television cord. His mother was understandably unhappy with this interruption and Don had to find a way to appease her… ‘I can fix it,’ he exclaimed, and proceeded to do so,” the release states. “Almost 20 years later, Don has turned his passion for fixing things into a business that keeps people connected, fixing cell phone and tablet screens affordably and with delivery.” The release adds: “Through her company’s business management consultancy services, Albertha was able to help a former inmate navigate the business license process to start his own business successfully.” It also tells the story of how Bridgewater’s father had taken his Exuma-raised children boating ever since they were small. “Kelsey dove for his first lobster at 12 years old and never forgot the feeling of immense pride and satisfaction he felt,” the release states. The Access Accelerator and its business advisors, staff and board members held a private celebration with the entrepreneurs on Monday to mark their success. “The Bahamas Entrepreneurial Venture Fund was also present, having offered equity funding to several of the entrepreneurs being celebrated that night,” the release states. The businesses included “Island Breeze, founder Kelsey Bridgewater; Better Days Pizzeria, founder Petula Clammons-Henfield; WonderTech, founder Don Brown; Exuma Christian Academy, founder Keniqua Burrows; Pulpy, founders Shaquille and Anthonique Coleby; Fineena Artis, founder Donaita Outten; A Stitch in Time, founder Jennis Thompson; Jujukanoo, founders Vanessa Miller and Kevin Knowles; Greene Corporate Services, founder Albertha Rolle; Remarkable Carz Rental Service, founder Brian Williams; Vue AV, founder Juan Bethel; Shiver, founders Elvis Percentie and Melissa Darville; and Drive Greene, founder Benjamin Davis”. The Access Accelerator’s Executive Director Davinia Blair said many of those business owners had been seeking funding for a long time, but were only able to be successfully funded with the help of the Accelerator. “These companies are now going to hire Bahamians, expand their work and increase their revenue,” Blair said. “This was our objective when we started and it feels good to be here. There are 55 business plans in the pipeline and we trust that some $7 million will be approved for funding by the end of the year.” The release explains that money obtained by the firms is “paid directly to the various vendors and institutions that the client has identified in their business plan”. “No money goes to the individual and this is what makes the SBDC different than any other government-funded program,” the release states.

A Bahamian sorbet and ice cream brand has accessed more than $160,000 in financing with help from the Small Business Development Centre (SBDC). Melissa Darville and Elvis Percentie, founders and chief executives of Shiver, described themselves as “excited” after obtaining $100,000 worth of loans from Royal Bank of Canada (RBC), together with a $50,000 equity investment from the Bahamas Entrepreneurial Venture Fund and $11,600 in grant funding from the government. “I was driving when Melissa called to tell me that they announced we had received the funding,” said Mr Percentie. “I had to pull to the side of the road and check my phone just to see it for myself. I’m a numbers guy, so I’ve already started calculating where this and that would go, but it’s exciting and we’re grateful.” Ms Darville said the duo were discussing how The Bahamas could aid business owners such as themselves before they joined the SBDC. They were initially unaware that the SBDC had a funding component, and joined solely for help with their business documents. “We didn’t even know that the SBDC offered and assisted with funding. We just needed help with our paperwork, so when it was time for us to go to the bank we would be ready”, said Mr Percentie. “They surpassed our expectations, and we’re still flabbergasted by the amount of work that they put into assisting our company.” Ms Darville added: “Through the SBDC we have access to expert accountants and experts in business; that’s something we can never pay for. Mr Percentie continued: “The amount of work they put in we would never be able to afford. Nicholas (SBDC senior business analyst) sometimes messages me at like 12am or 1am asking if I have certain documents. We appreciate that so much because they are working on our behalf.” Shiver has been working with the SBDC since it opened last fall. “I’ve had people ask me about the SBDC, even ones currently enrolled”, said Mr Percentie. “Whenever they complain about the time of the process, I always say continue to push your business.” Ms Darville added: “Businesses naturally take a while to develop, so continue to push your business while the SBDC is out there working for you. It’s not like they tell you not to do anything. Go out there and push your business, continue to work. They offer quality expert advice, and that alone is worth it.” Winston Rolle, SBDC advisor for Shiver, said the company’s financing resulted from a team effort by the SBDC and will be used to grow its product. “It’s great that Shiver is getting the funding they need to manufacture their product”, said Mr Rolle. “The product is great and is well received. “The biggest issue has been meeting the demand for it. This funding allows them to meet demand, produce more and grow as a company. It is the mandate of the SBDC to assist MSMEs, and it’s good to be able to see the progress of the work.” Davinia Blair, the SBDC’s executive director, added: “There was so much excitement amongst our team when we heard that Shiver was successful. We’ve been working tirelessly for them as we have for our other clients. “A part of the work is advocacy with the government and continued partnerships with commercial banks. Whenever a client is successful, we are rewarded for that work.” Shiver will be hiring three extra persons as a result of the funding they will receive, highlighting the economic impact that the SBDC hopes to have on the economy through its work. 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 Employer’s Confederation (BCCEC). The Centre works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas. Via: tribune242.com

A BRANCH of the Small Business Development Centre was opened on Baillou Hill Road on Wednesday, providing a central location for budding inner city entrepreneurs seeking to access the programme’s training and financing services. The SBDC offers advisory, training, mentorship, advocacy and capital access services to small and medium-sized businesses and is the Minnis administration’s central programme for boosting ownership opportunities for Bahamians. Davinia Blair, executive director of the SBDC, said $100,000 has been set aside exclusively for Over-the-Hill residents within the Economic Empowerment Zone. Individual residents will be allowed access to $2,500. To obtain funding, a person will have to be recommended by the SBDC and the recommendation will depend on one’s performance during training and advisory services. The SBDC board will make the recommendation. The SBDC can recommend that people receive additional funding beyond the available $2,500. Ms Blair stressed that access to the grant can only happen if residents complete the training programme. “We expect to build a long-term relationship with you. Your advisor will be with you for the first three years. They will be calling you once a week for the first year, once a month for the second year and at least once a quarter for the third year so you have long term assistance to make sure you meet your goals,” Ms Blair said. Prime Minister Dr Hubert Minnis said in the past several months the SBDC has trained nearly 500 people through its two-week programme of classes and provided almost 300 hours with its one-on-one business advisory services while registering over 3,500 people in the country. “This branch is a part of our ambitious and broader Over-the-Hill programme. There are several goals we are promoting with the opening of a SBDC branch here and these goals are economic development and economic expansion for more Bahamians,” he said. Via: tribune242.com