NASSAU, BAHAMAS — The Small Business Development Centre’s (SBDC) executive director said yesterday it was a “miracle” that so many small businesses had survived the COVID-19 downturn, noting that up to this point the program has not recorded any defaults.
Davinia Grant, who was addressing a meeting of the Rotary Club of Southeast Nassau yesterday via Zoom, said: “At this point in time, it is still accurate to say we have had no defaults. We have had persons who were delayed and one or two persons very near default.
“It was a miracle that so many survived the COVID downturn and most have been able to emerge successfully.”
She added: “There were one or two we have been working feverishly with, but we are still very happy to say that up to now the program has been very successful in its level of support. I may not always be able to say we have no defaults but at this point, I can.”
Grant also noted that the third and likely final round of the SBDC’s $5,000 standalone grant program will be launched on February 1.
To-date, 429 businesses have been approved under the program, with 71 percent of them being existing businesses.
According to Grant, the program received 1,000 applications in the first installation and 3,000 in the second.
“In each case, there was only funding for 200 businesses so in each instance we made 200 persons very happy and made thousands unhappy,” noted Grant.
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