Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest announced that just in its first year the Access Accelerator, Small Business Development Centre internal adjudication and grant committee approved $3.5 million in capital financing to small businesses. DPM Turnquest was speaking at the SBDC’s Christmas Client Showcase held at the Gladstone Freight Terminal, Tuesday, December 17, 2019. Participating vendors showcased products ranging from local teas, hot patties, ice cream made from Bahamian fruits, hair care products and much more. He also noted that the SBDC and its funding partners have disbursed $2.8 million directly in support of Bahamian small businesses and 82 per cent of all approved companies have already received their disbursements.
He stated that SBDC clients came from 15 islands across The Bahamas: From as far south as Acklins, Crooked Island and Inagua and to the North in Grand Bahama. “This was not a Nassau-centric programme. “The showcase you see here today is proof of the talent and creativity possessed by Bahamian entrepreneurs that the SBDC has helped to unleash.” DPM Turnquest added, “SBDC itself is not the direct provider of capital, so we owe a big thanks to our financial partners, including the Bahamas Development Bank, the Royal Bank of Canada, the Bahamas Entrepreneurial Venture Fund and Scotiabank.”
He explained that the SBDC is the centre stone of the Government’s campaign to stimulate Bahamian ownership, to invest in entrepreneurs and to provide micro, small and medium sized businesses the incentives and assistance needed to survive and thrive.
The DPM said, “This has always been a core part of our recipe to grow the economy and thereby create jobs and wealth for Bahamians.”
He added, “Our government remains committed to the vision we charted when we agreed to financially support the Access Accelerator SBDC a year ago. We look forward to seeing more success stories emerge out of the amazing cohort of entrepreneurs coming out of the SDBC.”