SAVING GRACE: SBDC loan initiative keeping businesses afloat amid pandemic, says state finance minister

NASSAU, BAHAMAS — Many Bahamian businesses have been able to sustain their operations despite the challenges posed by the COVID-19 pandemic as a result of the government’s business continuity loan initiative, according to Minister of State for Finance Kwasi Thompson.

Thompson, who was addressing the Charley’s Philly Cheese Steaks grand opening, noted: “The coronavirus pandemic halted progress for so many business owners here and around the world. We knew what kind of threat this would pose to families and our economy; this is why the Access Accelerator program of the Small Business Development Center (SBDC) began its Business Continuity Loan initiative.”

Thompson noted that franchisees Samuel and Tanya Bethel were able to take advantage of the initiative and sustain their business.

“In speaking with our team last week, Mr and Mrs Bethel expressed that without this assistance from the SBDC, their savings would have been depleted,” said Thompson.

“SBDC’s funding was able to cover their rent-related expenses, support their staff and reduce debt with their local suppliers.

“Many Bahamians, including the Bethels, have been able to sustain their businesses despite the challenges thanks to this kind of government funding. I am pleased that our support was able to keep so many businesses open and secure employment for so many.”

According to Thompson, the Access Accelerator program has proven itself to be a tangible resource to support Bahamians by giving them access to necessary financing.

“The growth of this local Charley’s franchise is an example of how when we work together, especially in business, we can accomplish great triumphs,” said Thompson.