We will support the evolution of Micro, Small and Medium-sized Enterprises ("MSMEs") in the Bahamas, maximise the creation of economic impact through strategic partnership, and-by equipping and empowering MSMEs - increase the ability of our sector to provide employment, create wealth and drive development of robust and resilient economy.
The Access Accelerator envisions a Bahamas where Bahamians can get into business and succeed.
While the Access Accelerator is not a direct provider of capital, we will ensure the seamless facilitation of access to capital for our clients.
The Government of The Bahamas has committed $5 million per year for the next five years, a total commitment of $25 million, to be disbursed to Bahamian MSMEs through loans and equity financing. Using the government’s $5 million stake as a guarantee, the Access Accelerator has been able to secure even more in low-cost, guaranteed loans for disbursement.
In addition, The Government of the Bahamas has earmarked $250,000 for business development grants to impoverished youth up to the age of 30 from New Providence and $200,000 to impoverished youth up the age of 30 from the Family Islands. These grants – none of which will be for more than $20,000 – will be disbursed according to a stringent regime, including the successful completion of the training and business advisory process, income tests and proof of citizenship. And, among other requirements, the money goes directly to vendors and is not applicable to working capital.
The Access Accelerator will provide advocacy on behalf of the MSME sector as a whole or on behalf of clusters of companies. The day-to-day advisory and mentorship interactions will present a steady stream of opportunities to enhance policies, legislation and regulations that govern the sector.
Advocacy is one of the most critical services rendered by the Access Accelerator. In this role, the Access Accelerator is an independent voice for small business within the central government:
“We are the watchdog for the interests of Bahamian micro, small and medium-sized enterprises, and together with the Department of Inland Revenue, the source of small business statistics. As advocates, we advance the views and concerns of Bahamian small business before local and central government agencies, and in both the regional and international arenas.”
Our Business Development Specialists will provide clients with confidential, one-on-one advising.
Our enthusiastic and exceptionally qualified cadre of Business Advisors are responsible for counseling our clients on all aspects of small business operations including management, financing, accounting, operations, inventory management and pricing, imports, international trade, even such specializations as marketing and personnel.
The Access Accelerator and its partners will host training seminars and events to equip and inspire Bahamian entrepreneurs.
Our Entrepreneurial Training Program (ETP) will equip Access Accelerator clients with the exposure to generate truly innovative ideas and the skills and tools to turn those innovative ideas into valid business models. Our instructors, both guest speakers and coaches from our roster of trainers and advisors, will deliver courses that serve those considering starting a business, owners of existing businesses struggling to get a handle on all the details, and those with successful companies that want to grow.
A mentor will be assigned to each Access Accelerator client. Some clients will be provided incubation opportunities for enhanced results.
The Access Accelerator SBDC mentors are business owners with a legacy of excellence that have experience with strategic planning, interpreting financial data, and are interested in a long-term relationships with an SBDC client business. Our Mentors are committed to what we are calling the Three-Year Handshake: post-funding, Access Accelerator clients benefit from three-year relationships with the Business Advisor who worked with them through the process, and in addition to the Mentor, who is also on board for the duration of the three years.
