By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

THE Bahamas Agricultural Industrial Cooperation (BAIC) signed a memorandum of understanding with the Bank of the Bahamas yesterday to provide loan facilities to farmers that wish to expand their businesses and acquire land.

Leroy Major, chairman of the BAIC, said the agreement will help aspiring entrepreneurs in the field to operate and noted that the agricultural organisation has signed agreements with the Bahamas Development Bank and The Small Business Development Centre (SBDC) to achieve this goal.

He said: “Today, it is my esteemed pleasure to affix my signature to this memorandum of understanding with the Bank of the Bahamas limited as they join us in this quest to help aspiring entrepreneurs realise their dreams of owning and operating their own businesses.

“BAIC and the SBDC signed a MOU to assist entrepreneurs with much needed financial assistance almost seamlessly. SBDC is now playing a critical role in providing perspective small and medium-size business loan applicants with seed money to assist in developing entrepreneurship in the country.

“We have also entered agreement with the Bahamas Development Bank to assist farmers, food processors, handicraft and light manufacturers with fundings for their projects.”

Mr Major said the board has decided to help tenants that have not started farming projects to get their projects off the ground instead of revoking their property.

He announced that a symposium with tenants and financial institutions will be held this month so that they can discuss obtaining financing through government guaranteed loans and other financing options.

He said: “The board of directors has made a determination that rather than revoke land from those who have not started their projects to go one step further in our quest to render assistance.

“Towards this end, BAIC has arranged a symposium for our tenants with representatives from government agencies and financial institutions like the bank of the Bahamas, the Bahamas Development Bank, Small Business Development Centre, the National Insurance Board, Inland Revenue, Department of Physical Planning, and BAIC to come face to face with our tenants in New Providence and via zoom with our tenants in the Family Islands to inform them about opportunities possible for assistance with government guaranteed loans, and other services.”

Earl Beneby, corporate manager at the Bank of the Bahamas, said both government agencies have “interests in national economic development” and that they are pleased for the opportunity to assist financially.

He said: “Obviously, we have common interests as a sister and brother, institutions with common interests in terms of ownership and so we do have interests in national economic development.

“We have an opportunity now to provide assistance to BAIC. We’ve been in support of BAIC for some time in terms of their philosophical and their moral intents and what they want to do and so now we have an opportunity financially to see in which ways we can work together.”

He said that more details about the agreement will be revealed at the symposium scheduled for March 21.