Small Business Development Centre (SBDC) representatives met last week with members of the Women Investment Group (WIG) for a post-International Women’s Day panel discussion. The event, held in collaboration with the US Embassy and the Inter-American Development Bank (IDB), centred on a panel discussion featuring Davinia Blair, the SBDC’s executive director; Melissa Darville, co-owner of Shiver; Tyrina Neely, advisor on the SBDC’s board of directors; and Tamarind Isaacs, entrepreneur and advisor for the SBDC. Moderated by Anastarcia Palacious, the SBDC’s associate director of advancement, the group shared experiences about being women entrepreneurs in micro, small and medium-sized businesses, and how the SBDC is helping to transform entrepreneurship in The Bahamas. Turning to the SBDC’s progress, Ms Blair said it was essential to measure this through milestones, whether they be from the client, the centre or the advisors. “The advisors, myself and some of the admin team, are in a chat group, and on a daily basis we will have an advisor say: ‘My client just received a better deal on his lease, my client just got exclusive rights for a sale’ or some other milestone, and everyone is ecstatic,” she added. Ms Blair also pointed to the SBDC’s increased reach beyond New Providence with training sessions now happening on Eleuthera, Long Island, Abaco, Exuma and Grand Bahama. “For us the fact that we have a constant stream of persons on the Family Islands getting just as much attention as those on the capital, we are excited about that,” she added. Ms Darville, whose frozen dessert company was one of the first to reach the grant funding stage of the SBDC process, said: “We also feel a lot of pressure because we understand that being one of the first companies going through (the process), it is imperative that we are successful because that will pave the way for all of the other entrepreneurs coming behind us. “Everyone else can see that this process is working because it has worked for us. Once we got into the doors (of the SBDC) and started working with Mr Rolle (Winston Rolle, advisor) and Davinia, they were able to show us where our weaknesses were. We thought we had a great business plan, but our financials were not up to par, and we didn’t know that until we came into the centre and got the help we didn’t even know we needed.” With the SBDC’s assistance, Ms Darville and her business partner, Mr Percentie, were able to improve their business plan and enhance their business overall. “Sometimes you think you are doing your best because that’s all you know how to do,” she added. “We didn’t come from financial backgrounds. (My partner) is an engineer, and I was a teacher, so we didn’t know what we didn’t know. They were able to show us: ‘This is missing from here’, ‘you need to work on this’, ‘do you keep every receipt?’. That showed us where our weaknesses were, and we were open to it because we knew from this we would grow.” Before the panel presentation, IDB representatives detailed funding opportunities available to entrepreneurs, and provided information on where relevant research data about The Bahamas might be found for those seeking to expand their businesses. Via: tribune242.com

The government revealed yesterday that two Canadian commercial banks signed on to be financial partners for the Access Accelerator/Small Business Development Centre’s (SBDC) capital funding program for micro, small and medium-sized enterprises (MSMEs), bringing the total initial seed funding up to $9 million from $5 million. A press release issued by the Ministry of Finance yesterday explained that the announcement “represents the largest single allocation of investment funds for Bahamian entrepreneurs ever made”. Deputy Prime Minister and Minister of Finance Peter Turnquest said during the press conference to introduce the financial partners, that the government has made good on its promise to allocate funding to small business development. The government has committed $25 million over a five-year period. “When I presented the government’s budget last June, we announced an allocation $5.5 million for micro, small and medium-sized enterprises,” said Turnquest. “We promised this money would go directly to entrepreneurs. Today, we are making good on that promise. And thanks to the tremendous efforts of the SBDC and its partners, we are delivering even more.” The government announced the commitment of Scotiabank and Royal Bank of Canada (RBC) to joining the Bahamas Entrepreneurial Venture Fund and Bahamas Development Bank (BDB) as funding partners. “By bringing in additional funding from our partners, we leveraged the government’s $5.5 million to secure up to $9 million in capital financing for small businesses across The Bahamas,” said Turnquest. The official signing between the banks and the Access Accelerator/SBDC took place last week on Grand Bahama, at the launch of its SBDC’s northern Bahamas operation. Capital is available through the program by way of government guaranteed loans; grants, especially for impoverished young Bahamians; and through equity financing, which is available from $20,000 to $50,000, but can increase up to $100,000. “I’d like other private commercial banks and financial institutions to take note, because we expect this initiative to create a fundamental shift in the way the banking sector sees small businesses in this country.” Turnquest said. “The partners you see here today are leading the charge and we expect others to follow.” Via: thenassauguardian.com

Deputy Prime Minister and Minister of Finance Peter Turnquest announced Tuesday that seven companies that have gone through the Small Business Development Centre (SBDC) have been recommended to access a total $1.5 million to begin or expand their businesses. Turnquest, who made the announcement at the SBDC’s Christmas party, said he is confident that those small business owners will be successful in receiving the funding they have asked for. “We are well on our way to creating those millionaires,” said Turnquest. Those businesses chosen included Drive Green Rentals, owned by University of The Bahamas student Benjamin Davis, who is seeking $200,000; Cee-Marr Telecommunications, owned by Charles Richardson, who is seeking $150,000; Exuma Christian Academy, owned by Keniqua Bethel, who is seeking $250,000; Ride Bahamas (Grand Bahama), owned by John McPhee, who is seeking $95,000; Shiver Premium Ice Cream, owned by Elvis Percentie and Melissa Darville, who are seeking, $200,000; The Vue A/V, owned by Juan Bethel, who is seeking $243,000; and Island Bike, owned by DiMaggio and Terenique Darville, who are seeking $400,000. Turnquest explained the the SBDC will use the government’s pledge of $5 million per year towards funding small businesses as a guarantee to those investors who might take on some of these new businesses either in the form of equity, debt or grants. This is the first round of funding announced by the SBDC and Turnquest explained that the amount pledged has risen to $7 million thanks to commitments from other entities. He announced that the Inter-American Development Bank will be tapped for even more funding options. According to Turnquest, the SBDC’s processes have been smooth because government has given its board the “autonomy it needs to be successful.” He told the entrepreneurs he announced on Tuesday night to be prepared to take control of the Bahamian economy through their businesses, and to support each other. Via: thenassauguardian.com