NASSAU, BAHAMAS — Minister of Economic Affairs Michael Halkitis yesterday reaffirmed the government’s commitment to the small business sector, with executives of the Small Business Development Centre (SBDC) noting that some 1,400 applications are currently being processed.
While speaking at a press conference to announce the SDBC’s new board members, Halkitis noted: “We are committed to assisting micro, small and medium enterprises.”
He further noted that more emphasis will be placed on reaching the traditionally underserved small businesses that may not have come forward with their ideas for any number of reasons.
Halkitis described the new board as diverse and youthful.
“We believe this gives great strength and flexibility to the board,” he said.
Lorne Basden, SBDC chairman, said the board’s immediate focus is to put the necessary policies in place to ensure maximum exposure for SMEs.
Other members of the SBDC board include Een Colebrooke, Nolan Carey, Mark Turnquest, Jayel Gibson, Todd Martin, Creighton Moxey, James Julmis, Dr Marlo Murphy-Braynen, Dr Randy Forbes, Antoinette Russell and Charente Thompson.
Davinia Bain, the SBDC’s executive director, noted that up to June of last year, the SBDC had provided $70 million in support to assist just under 2,000 clients.
Bain noted that there is no target relative to how many SMEs the SBDC plans to assist.
“We never had a target. We really want to help as many as possible. That assistance goes beyond just funding,” said Bain.
“The budget we are working with as of June 2021 is a $20 million allocation. We want to make sure that gets into the coffers of small businesses.”
She added: “Right now, 1,400 applications are actively being processed. I can’t say how many are new for this year. We have persons signing up on a regular basis.”
Bain noted that some SMEs work on their plans for eight to nine months before receiving funding.
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