Venture Fund yet to make any Dorian related disbursement
NASSAU, BAHAMAS – Lending institutions like the Bahamas Entrepreneurial Venture Fund are seeing more success with businesses ‘getting off the ground’ due to the aid of the Small Business Development Centre (SBDC) according to the Fund’s chairman Michael Cunningham.
Cunningham during a press conference to highlight the upcoming Bahamas Business Outlook noted, “I think the interest has really increased tremendously. I believe a lot of the things that were lacking such as education the SBDC has provided. The SBDC has filled the role to provide education and guidance. With getting them through that process and then referring them to lending institutions we are beginning to see greater success in getting these companies off the ground.”
The Access Accelerator Small Business Development Centre has to-date helped 17 Bahamian entrepreneurs take their businesses to the next level, having secured over $1 million in funding with an estimated economic impact of $2.2 million dollars according to its annual report for 2018/2019.
Cunningham also noted that as it relates to Dorian assistance, the Bahamas Entrepreneurial Venture Fund has been allocated $2 million from the dormant accounts fund to provide equity financing to businesses seeking to re-establish themselves following their destruction during Hurricane Dorian.
“We have yet to make any dispersement because our disbursement is unlike grants in the form of equity and therefore a lot of additional information is required. The equity is at a minimum of $50,000 and a maximum of $200,000. We have $2 million so far at our disposal. We don’t have $2 million worth of projects in the pipeline yet. Once that has been exhausted I would imagine we would get more funding to take care of those needed operations in Abaco and Grand Bahama,” said Cunningham.