Categorized | National News

BAIC and SBDC Sign MOU to Fund Businesses

By Delvardo Emmanuel
Journal Staff Writer

A memorandum of understanding (MOU) was signed between the Bahamas Agriculture Industrial
Corporation (BAIC) and the Access Accelerator/Small Business Development Centre (SBDC), at BAIC
headquarters on Monday. The two agencies have partnered to assist thousands of Bahamians to expedite
the path to their dream of owning a business.
“I am elated to see the collaboration between BAIC and SBDC come full circle as we signed another
memorandum of understanding to take our relationship one step further towards ensuring that we can now
stimulate entrepreneurs with much needed financial assistance,” BAIC Chairman Leroy Major said.
“We have provided entrepreneurs with land for farming and touristic development and assist with
business plans for their project, but many of them continue to be challenged because of lack of funding.”
The MOU’s ultimate goals are to improve the environment for small businesses; increase direct financing
into micro, small and medium-sized enterprises in The Bahamas; create and promote innovative
programmes to support MSMES; and foster a culture of entrepreneurship and innovation within
marginalized groups.
SBDC Managing Director Samantha Rolle said this signing is an evolvement of BAIC and SBDC’s
“The Access Accelerator Small Business Development Centre is excited about this formal execution of a
memorandum of understanding with the Bahamas Agriculture and Industrial Corporation,” Rolle said.
“SBDC and BAIC, as they are affectionately called, have maintained a long-standing relationship. Prior,
BAIC was instrumental in business support services during the initial work of the SBDC.
“Today, our relationship has evolved. As we have come together to strategically support micro, small and
medium sized enterprises through prospective financing, property and partnership arrangements for
greater economic impact in The Bahamas.”
Back in 2019 SBDC signed a MOU with BAIC to increase access to crown land for Bahamian
entrepreneurs. Recently, BAIC signed an agreement with The Bahamas Development Bank to assist
farmers, food processors, handicraft and light manufacturers with funding for their projects.

Written by Jones Bahamas

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