Commercial banks providing strong support to SBDC

Commercial banks continue to provide support to the Access Accelerator/Small Business Development Centre (SBDC) despite the tough economic situation inflicted on the country by the global COVID-19 pandemic, SBDC Executive Director Davinia Grant said yesterday, adding that those banks have even further extolled their support for small business startups.

This comes as the government more than doubles its financial support for the SBDC in fiscal year 2020/2021, to the tune of $55.8 million.

According to Grant, who made the comments during a virtual press conference held by the SBDC on the occasion of its two-year anniversary, Royal Bank of Canada has taken on the lion’s share of the guaranteed loans that have gone through the SBDC.

“We’ve had tremendous support throughout our two years from RBC in particular,” Grant said.

“Almost all of our guaranteed loans are with RBC and from all of our conversations with them we can expect continued support.

“The relationships with First Caribbean and Scotiabank and Fidelity Bank have also grown, even in the midst of a pandemic.”

Bank support continues even as they face an increase in non-performing loans.

For those small businesses who might find it hard to qualify for a loan, the SBDC is bringing back standalone grants beginning tomorrow.

Deputy Prime Minister and Minister of Finance Peter Turnquest, who was also on the virtual call, said for people like coconut vendors, who are in the process of being regularized by the government, the grants will be a small kickstarter for their enterprises.

“We recognized that for some of our constituents, they may not be able to  come up with the requirements for the traditional way of funding a business,” said Turnquest.

“And some of them don’t require much. They don’t really need credit, they just need a little boost. So we have refined the program such that we will be able to grant small capital injections into these businesses to get them started with the basic requirements that they may need in order to start new businesses.”

He added that grants will also be available to those interested in starting preschools. Grant said in addition to banks, grants and other financial institutions, the SBDC will also “be calling on private supporters for direct investment” in small and medium-sized businesses as well.

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