With just 10 days left to apply, the Ministry of Finance has received 58 applications and approved 22 businesses under its road works relief plan.
The government held a press conference yesterday at the Prime Minister's Office to encourage more Bahamians to seek compensation. According to Michael Halkitis, the state minister of finance, approximately 800 businesses in the capital were negatively impacted by the road works and could be eligible for relief.
"January 18 is the deadline, so we encourage those businesses who have not already done so to submit their application," he said. "We are very encouraged by the geographic diversity of applicants, from Robinson Road, Market Street, Blue Hill Road and Prince Charles Drive. The program has been embraced by large and small businesses, the most attractive feature being the electricity rebate and micro loan facility."
Back in November, Guardian Business exclusively revealed that the government's road works relief plan would include a menu of exemptions and benefits for businesses, including a 10 percent discount on electricity bills for 18 months, a six-month credit on customs duties, competitive loans from the Bahamas Development Bank and relief on property tax and business licenses for six months.
However, the plan has also been tweaked along the way.
Perhaps most significantly, Halkitis said yesterday that businesses with branches outside the impacted areas will also be allowed to submit for benefits. While he did not wish to mention any specific businesses, that should be music to the ears of large chains such as Superwash and Super Value.
"They will be considered as well. They will be treated in the same way," Halkitis explained.
The government has also added a program whereby applicants can receive a deferred payment plan for electricity bills. Customers that have been disconnected, and want to reconnect and eliminate arrears within a 24 month period, can do so based on regular, irregular or lump sum payments.
The Bahamas Electricity Corporation (BEC) will not charge a reconnection fee to these businesses, according to the plan.
Halkitis told Guardian Business that the micro loan option, allowing any business to borrow up to $10,000 from the Bahamas Development Bank under attractive terms, was especially helpful over the holiday season for restocking products.
The total size of that loan facility is $3 million for all businesses.
In all, the plan has been valued at around $15 million, although the state minister of finance noted that very little cash will be put on the table by government.
"Most of this plan is non-cash. The government is not coming with up with grant money," Halkitis explained. "We are using some of the receivables BEC owes the government, for example, so it's not direct cash."
The road works relief plan has been highly divisive among the business community.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) came out in support of the plan late last year, prompting Rupert Roberts, the owner of supermarket giant Super Value, to declare his resignation from the organization.
The Coconut Grove Business League has also voiced strong opposition and continues to seek legal action against the government.
The disastrous road works, implemented by the Free National Movement, spiraled more than $100 million over budget and well behind schedule.

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