Nearly $70 million in funding granted
NASSAU, BAHAMAS — The Access Accelerator Small Business Development Centre (SBDC) has seen two companies thus far default on their loans, but its executive director said “it could have been a lot worse”.
Davinia Bain, while addressing a Ministry of Finance webinar yesterday, noted that some $68 million in funding has been provided through the SBDC, with nearly 80 percent of that sum via loans.
“In our Access Accelerator program, there are two companies that have defaulted on their loans and we are working with all of the other companies that might have some challenges,” said Bain.
“Those are still going concerns and those loans are still being serviced even if there are some difficulties.
“To be quite frank, after $68 million dollars — 77 percent of which is in loans — to say we have only had two defaults, it could have been a lot worse given Hurricane Dorian and the pandemic.”
Bain did not identify the names of the companies.
According to her, micro-loans and government grants have accounted for some 21 percent of all the funding.
She noted that the SBDC has had significant reach, impacting 40 industries and 16 islands. She further noted that the SBDC has some 1,934 clients.
The executive director also noted that the SBDC will soon partner with two other commercial banks as lenders, having initially forged a partnership with Royal Bank and recently Fidelity Bank.
The SBDC is also anticipating a “much larger” equity investment this year, she said.
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