$6.7M disbursed by SBDC to Abaco, GB firms impacted by Dorian

To date the Small Business Development Center (SBDC) has disbursed $6.7 million to 211 approved businesses on Abaco and Grand Bahama that were impacted by Hurricane Dorian, its top executive said yesterday.

Executive Director of the Access Accelerator/Small Business Development Centre (SBDC) Davinia Grant said a lot of the focus was placed around getting those businesses up and running through the digital space.

“Before the pandemic, especially post-Dorian, in partnership with Minister Kwasi Thompson we had done quite a bit to try and encourage businesses and Abaco and Grand Bahama to go digital, but it was a broad topic throughout all of our clients. It was a push that just made dollars and sense because you can reach more clients if you are digital, you can reach more people than if you were in one place,” she said yesterday.

“Those who took the jump, they were the beneficiaries of the technology during COVID-19. What we need to realize is technology is simply a productivity tool. Every type of business can benefit from the funding that’s set aside for this in this fiscal budget, which is somewhere around a fifth of the $25 million, from some upgrade of technology in their business.”

The SBDC is currently working toward support for more than 8,000 clients seeking funding, the largest component of which – 4,000 to 5,000 clients – are original clients and the remainder are those business owners seeking assistance through the government’s Business Continuity Loan Program and disaster recovery program for businesses impacted by Hurricane Dorian.

The initial allocation for the Business Continuity Loan Program was $20 million and it was expanded to $37 million. Additionally, the government has allocated $40 million toward COVID-19 response for businesses in this fiscal period.

“I think by any measurement the government has done over and above what any tax payer can expect in this instance. At some point these funds will have to be paid for one way or the next, and when you look at what’s being done in other Caribbean nations in terms of the level of support, there is no other country in the region doing anywhere near what this government is doing for small businesses,” Grant said.

“That said, even without COVID-19 the demand for small business funding is north of $100 million from our clients who were registered before any disaster, before any pandemic. The small business entrepreneurial spirit in The Bahamas is amazing. There are lots of clients, lots of people looking to do things, exciting things, innovative things and all capital dependent. So you’ll never quench the thirst of what the true desire and need is at this point and time.”

The post $6.7M disbursed by SBDC to Abaco, GB firms impacted by Dorian appeared first on The Nassau Guardian.

source https://thenassauguardian.com/6-7m-disbursed-by-sbdc-to-abaco-gb-firms-impacted-by-dorian/