The Access Accelerator Small Business Development Centre and Royal Caribbean Group have pooled resources to launch the ‘Royal Caribbean Programme.’
Through a combination of grants and low-interest loans, the initiative will offer $500,000 in funding and training opportunities to support small tourism sector businesses on New Providence, Grand Bahama, and the Berry Islands.
Royal Caribbean Group provided $250,000 in overall funding. That amount will be matched by the Bahamas government-funded Access Accelerator, for a total of $500,000.
Existing businesses can apply for up to $15,000, awarded as a combination of a 50 percent loan (at 3 percent interest for five years) and 50 percent grant.
“Getting back on your feet is easier when someone has extended a hand to help pull you up,” said Josh Carroll, vice president, Destination Development, Royal Caribbean Group.
“We wanted to provide the resources to empower small businesses to be self-sufficient and sustainable over the long term and rebuild a tourism-dependent economy. This program and the leadership of the Access Accelerator Small Business Development Centre provides the jump-start so many will need to recover.”
The funding structure is divided into three groups, with the goal of assisting micro, small, and medium-sized businesses (MSMEs).
- Group A is for businesses with annual sales of less than $250,000, allowing companies to request funding up to $5,000.
- Group B is for entities with annual sales between $250,001 to $500,000. This group can apply for funding up to $10,000.
- Group C caters to businesses with annual sales between $500,001 to $1,000,000, allowing for funding up to $15,000.
The program has some legs as it will continue to fund itself — as businesses repay loans, those funds will finance other businesses applying to the program.
Tags: Bahamas, Royal Caribbean Group
