By Fay Simmons

Tribune Business Reporter

jsimmons@tribunmedia.net

The Bahamas Development Bank (BDB) will soon offer low-interest loans to micro, small, and medium enterprises (MSMEs) owned or led by women, youth, and people with disabilities, starting this month.

The programme will provide loans with interest rates ranging from 0 to 2 percent, specifically targeting businesses in agriculture, sustainable tourism, and creative sectors.

Applications for the loans will be accepted until September 13, with the programme set to run until October 1.

The concessional financing allows businesses to benefit from the low interest rate for the first two years. After this period, or for loans exceeding $100,000, standard BDB interest rates will apply.

This initiative arises from a partnership between BDB and the United Nations Entity for Gender Equality and the Empowerment of Women Multi-Country Office - Caribbean (UN Women MCO Caribbean).

UN Women, through project funding from the Joint Sustainable Development Goals (SDG) Fund, will contribute $100,000 to support this low-cost loan product developed by BDB.

Nicholas Higgs, BDB’s managing director, highlighted that the financing aims to foster economic growth and promote ‘social inclusion’ by supporting underrepresented groups.

“By providing low-interest loans to MSMEs, local businesses are empowered to thrive, innovate, and significantly contribute to our economy. This initiative supports economic growth while promoting social inclusion for women, youth, and people living with disabilities. It is a pivotal step towards a more equitable and prosperous future for our nation,” said Mr Higgs.

Tonni Brodber, a representative of UN Women MCO Caribbean, noted the importance of the programme for female entrepreneurs.

 “For many businesses, access to loans can mean the difference between remaining small or achieving significant growth, driving innovation and economic development in their communities,” said Ms. Brodber.

She emphasised the fund’s focus on helping women and young entrepreneurs overcome financing gaps to ensure their full and equal economic and social participation.

“Closing the gap between the need for financing and access to financing is crucial for women entrepreneurs to enhance their financial independence and contribute to the overall economic development and job creation in The Bahamas,” Ms Brodber added.