SMALL BUSINESS DEVELOPMENT CENTRE
1. ENTITY AND INITIATIVE/ASSISTANCE
The Government of The Bahamas Business Continuity Loan Program, managed by the Small Business Development Centre.
2. TARGET GROUP
Existing small and medium businesses.
The Business Continuity Loan Program provides:
(a) Loans to businesses, facilitated through partnerships with financial institutions, ranging from $5,000 to $300,000, to cover operating costs, including salaries, rent, insurance, utilities and inventory/supplies. Approved loans will have a payment grace period of four months. $20,000,000.00 has been allocated for this Initiative.
Thus far, the following financial institutions have agreed to participate in the program: Bahamas Entrepreneurial Venture Fund, Cash N Go Ltd., Leno Corporate Services Ltd., Omni Financial Group Ltd., Simplified Lending Ltd, and Bahamas Development Bank.
(b) Business Continuity Grants between $2,000 to $20,000 for payroll assistance. $5,000,000.00 has been allocated for this Initiative.
(a) Business must generate less than $3 million annually.
(b) Business must have operated with a valid business license for one year or more.
(c) Business must agree to retain 51 per cent of its staff and agree to have credit information shared with the Credit Bureau and other banking and financial institutions in the future.
5. COMMENCEMENT AND EXPIRY DATES
(a) With respect to 3(a) above, the commencement date was March 2020. No expiration date has been announced.
(b) With respect to 3(b) above, the commencement date was 1 April, 2020. No expiration date has been announced.
6. HOW TO APPLY:
Interested businesses should visit www.accessaccelerator.org to apply.