The Access Accelerator, the Small Business Development Center (SBDC) will provide small-and-medium-sized enterprises (SMEs) in The Bahamas with a boost, thanks to a $600k grant by the Inter-American Development Bank (IDB).As the executing agency, SBDC will lead this partnership through a non-reimbursable technical co-operation totaling $1.3m of which $600k will be provided by IDB Lab. The project will officially kick-off on Dec 3, 2020 in a virtual opening for the involved SMEs, ecosystem stakeholders, business support organizations and stakeholders.

The SBDC is an initiative that advocates for and supports the evolution of micro, small, and medium enterprises in The Bahamas. The SBDC has the mandate to maximize the economic impact of SMEs by equipping and empowering them to provide employment, create wealth and drive development of a robust and resilient economy. It is based on the US Small Business Development Centre (SBDC) model, the main source of technical and managerial assistance for SMEs to promote growth, innovation, productivity, and revenue for small businesses through improvements to their business administration.

This IDB Lab initiative will support approximately 2,500 SMEs and start-ups within the country, at a time when the effects of the COVID-19 pandemic plague the private sector in The Bahamas, as well as across the world. IDB Lab, the innovation laboratory of the IDB Group, joined forces with the SBDC to provide support services for SME development and growth. IDB Lab funds will be used for programming and activities related to the coordination of the entrepreneurial ecosystem, promoting innovation, mentorship support, standardizing advisory services, and implementing a digital platform to connect SMEs to funding opportunities.

"The IDB Group remains committed to the development of businesses and entrepreneurship in The Bahamas, which furthers strengthens the nation economically and socially,” said IDB Country Representative Daniela Carrera-Marquis. “It is anticipated that this project will contribute greatly to the quality and robustness of ecosystem support for SMEs in the country and contribute to job creation and stimulus of the economy. Digital and financial inclusion for SMEs, with an emphasis on women led SMEs and to those geared towards green businesses; will further strengthen business continuity and their ability to build a robust economy.”

The project will support the ecosystem development and bring key players together for advocacy and policy recommendations related to entrepreneurship, the ease of doing business and the promotion of innovation in the country.

Key stakeholders in the ecosystem and project steering committee members will come together on a quarterly basis to ensure the project is reaching its expected impact and discuss the improvements necessary for improving the environment for SMEs and entrepreneurs.

Davinia Grant, Executive Director of Access Accelerator SBDC said the usage of technology continues to revolutionize the rules of business and results in structural transformation of enterprises.

“This collaboration with IDB Lab is timely.” Grant added. “We have seen many businesses pivot during the pandemic to rely heavily on technology and digitalization. The incorporation of technology into businesses cannot be viewed as just a pandemic alternative but as the way to operate moving forward. Through the Accelerate Bahamas project we can focus on getting more businesses to realize the power of technology and how using that power coupled with proper business development and accessibility to funding can lead to innovation and success for many Bahamian small business owners.”

Mikia Carter, IDB Lab’s private sector specialist, said that the execution of the project by the SBDC comes as SMEs struggle with adapting their business models due to the covid-19 restrictions and social distancing measures, where business transactions primarily relied on human and physical interactions.

“The need for digital transformation of businesses have never before been greater. Digitalization will not only improve the productivity and competitiveness of SMEs but will play a major role in developing an inclusive and sustainable economy, and hopefully build the blocks to creating a diversified Bahamian economy through the pillars of innovation,” said Carter.

About us
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. IDB Lab is the IDB Group’s innovation laboratory to promote development through the private sector by identifying, supporting, testing and piloting new solutions to development challenges and seeking to create opportunities for poor and vulnerable populations in the LAC region. To fulfill its role, it engages and inspires the private sector and works with the public sector when needed. www.bidlab.org/

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