Copyright thenassauguardian
The Bahamas Development Bank (BDB) has already funded local businesses to the tune of $7 million this year, and has developed several new initiatives to fund more projects in specific sectors. BDB Credit Manager Alicia Butler, during an appearance on Guardian Radio’s Morning Blend Business talk show yesterday, explained that the level of funding represents how much work the team at the bank has been doing. BDB was capitalized last year through a loan from the African Export-Import Bank (Afreximbank) to the tune of $30 million. Before the capitalization, the BDB had a pipeline of businesses awaiting funding. Now, according to the BDB’s Acting Managing Director Davie Munroe, more businesses continue to seek funding through the BDB. “The funding capacity is there. And as rightfully said, there is a pipeline, and the pipeline continues to grow,” said Munroe. “We can adjudicate and really go through the process, and get the funds off the table to the customer. That is happening now.” Munroe said while non-performing loans were once a problem for the bank, it has now focused on relationship building with its clients, to ensure those loans remain low. “With our new procedures and processes, there are people in constant contact, asking how you’re doing, how’s the business going? And so its more of a people-to-people type of service, where we’re not going to just grant you the loan and leave you. Our job now, or should always have been, to work with you throughout the life of your loan,” Munroe stated. The BDB has rolled out three new initiatives to get certain sectors thinking about funding. Butler explained that there are opportunities for those seeking funding in the transportation and tour bus sector; a funding facility for contracted workers tied to a government or private project; and funding for medical providers to launch a practice or expand their practice. “The bank has always had an industry focus,” said Butler. “Agriculture, manufacturing, fishing and transportation, with a focus on tourists. Tourism, that’s Airbnb, the use of technology, and renewable waste. So these are the products that we’ve always pushed forward. “So, for the very first time, we are talking about medical providers. And so this is an opportunity for persons in the medical field, who are looking to expand their business.” The BDB has made the applications for its programs available online.
