$2.2 million in funding approved for Abaco and Grand Bahama businesses

$2.2 million in funding approved for Abaco and Grand Bahama businesses

NASSAU, BAHAMAS — The Small Business Development Centre (SBDC) has approved a total of $2.2 million in funding for Abaco and Grand Bahama businesses, according to Prime Minister Dr. Hubert Minnis.

Last October, it was announced that a three-year, $10 million loan guarantee and equity financing program was being established to allow eligible Bahamian SMEs to secure up to $500,000 in financing in an effort to restore existing businesses impacted by Hurricane Dorian.

The loan guarantee was also established to create new businesses.

That money was taken from the dormant accounts fund.

At the time, it was indicated that money given to the SBDC will be 75 percent government guaranteed loan, 20 per cent equity partnership and five percent government grant with a $5,000 limit.

Last night, Minnis said: “As a part of recovery efforts, as of February 5, the Small Business Development Centre, has approved a total of 74 applications for funding: 31 in Abaco, and 43 in Grand Bahama.

“Approximately 600 applications have been received and are being processed. Total funding, of $2.2 million has been approved for both Abaco and Grand Bahama businesses, out of a total allocated of $10 million dollars.”

Dr Minnis added: “I encourage small business people in Abaco and Grand Bahama, to visit the Small Business Development Centre, and to take advantage of this program.”

 

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