business@tribunemedia.net
THURSDAY, MARCH 14, 2024
$5.60
$5.61
$5.45
$5.38
$1m helping $30m facility to help pay hand just the for renewable energy start for Andros By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
t #BIBNBT %FWFMPQNFOU #BOL JOUSPEVDFT mOBODJOH A NEW $30m facility managed by the Bahamas Development JOJUJBUJWF GPS SFOFXBCMFT Bank will allow business owners to finance renewable energy systems to combat power generation prob- t 3FOFXBCMF TZTUFNT PGGFS lems, according to Guildan Gilber, DPOTJTUFOU QPXFS GPS CVTJOFTTFT vice president of Alternative Power Sources Bahamas. Speaking at the Andros Chamber of Commerce Economic and Investment Conclave yesterday, he advised business owners that solutions to their electricity woes are in the pipeline. He said: “They actually met with renewable energy companies about three weeks ago and they advised that they were getting a tranche of funds and a portion of those funds were going to be used to finance renewables to homeowners, to small businesses, to midsize businesses, even to larger businesses. “Bahamas Development Bank will be providing funding, I don’t know
what the exact dollar amount in the portfolio is going to be, my understanding is close to $30m. I don’t know the entire 30 million is going to be useful renewables, I know it’s for environmental use. But again, we’ve been advised that the loans will be done at 100 percent, I’ve asked for a period of no shorter than 15 years, up to 25 years.” He said the renewable systems would be 100 percent financed and can be deactivated remotely so business owners can be disconnected if they default on their payments, which are to be made monthly
replacing their Bahamas Power and Light (BPL) payments. He said: “So at 100 percent financing, very attractive rates, they will consider the system as collateral, because we can control the system remotely. So if the homeowner for example, doesn’t make their payments, over whatever period of time, they look at delinquency, we can remotely shut the system down. So then the homeowner doesn’t get the benefit of independent power until they settle that bill.
SEE PAGE B3
Digital banking ‘easing pain’ in Family Islands By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net DIGITAL banking providers are easing the “pains and pressures” faced by unbanked and underbanked Family Islands, according to Jevon Butler, chief sales officer at Kanoo, said yesterday. Speaking at the Andros Chamber of Commerce Economic and Investment Conclave yesterday, Mr Butler said that local Money Transfer Businesses (MTBs) and Payment Service Providers (PSPs) are expanding their services throughout the country to ensure that all business can
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Bahamas Entrepreneurial Venture Fund has contributed about $1m to Andros businesses, according to Edison Sumner. Mr Sumner, a principal of Sumner’s Strategic Partners, was speaking at the Andros Chamber of Commerce Economic and Investment Conclave yesterday and said several businesses on the island have obtained financing through the fund but it “pales in comparison” to what can be done for the island. He said: “The Bahamas Entrepreneurial Venture Fund is here to support the business community in Andros. We want to see more businesses and Andros Island; we want to see more businesses accessing the funding that we provide. Right now, we have about three or
EDISON SUMNER four businesses in Andros that we have funded. We wanted to see more of that happening. “I don’t know the exact amount, but we have put in probably about a million dollars in Andros. We have made significant investments on the island already but it pales in comparison to what can be done on the other potential that we see on the island.” Mr Sumner, a former director and CEO of the
SEE PAGE B3
service their consumers and have access to banking services. He said: “The reality is this Kanoo is here, Sand Dollar is here, Sun Cash is here and as they say a rising tide raises all ships. So collectively the MTBs and the PSPs are alleviating the pains and pressures that Bahamians throughout the islands are experiencing from the financial institutions, specifically commercial banks. “With our footprints throughout The Bahamas collectively, you don’t have to keep asking when is the bank coming back…the banks are here.”
SEE PAGE B3
Andros needs more airlift, warns former Chamber CEO By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net ANDROS needs improved airlift, banking and energy generation to sustain its growing tourism sector, according to Edison Sumner, a former director and CEO of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). Speaking to Tribune Business at the Andros Chamber of Commerce Economic and Investment Conclave yesterday, Mr Sumner said Andros has a growing tourism market but would be able to expand its
reach with upgraded airport facilities and increased airlift. He said: “One of the first things I think Andros needs is an improvement in its airlift to the island. We need to see an improvement in the airport infrastructure development throughout the island, so that we can ensure that we able to bring in international flights from outside of the country and not necessarily having to come into New Providence to then take that flight into Andros. “We need more international airport and airlift coming directly into all of the different districts
SEE PAGE B3
Find your job combo Competitive Wages Flexible Hours Flexible hours with a side of advancing my career
Employee Discount Advancement Opportunities
Visit mchire.com/McDonalds4494 or scan the QR Code to apply