Small Business Guarantee of Loans - The Bahamas Customs Department

Small Business Guarantee of Loans

A person who wants to establish a small business and access guarantee loans at a concessionary interest rate at a commercial bank.

The loan cannot exceed BS$250,000 dollars and must be repaid within 10 years.

Eligibility

A small business individual seeking to start business or undertaking a project relating to their existing small business. The applicant must:

• Be a Bahamian citizen
• Be 18 years or older
• Not be under any other liability with another bank under the same program

Process

  1. Applicants must submit their application to the local bank.  The bank will determine whether or not they will apply for this guarantee on behalf of the person.  A private citizen cannot apply directly to the government for guarantee because the application must come from an approved lender.
  2. The bank submits the completed application form along with required documents:
    1. Loan Application
    2. Copies of passport
    3. Business Proposal
    4. Proof of Citizenship
  3. The application is processed by the Ministry of Finance and once approved, an Undertaking to Guarantee is returned to the bank with a request for the bank to submit the following documents:
    1. Payment of Processing Fee
    2. Life insurance policy with the government as the beneficiary
    3. Chattel Mortgage
  4. The bank must submit a Request for Guarantee Loan Policy application form along with the requested documents to the Ministry of Finance.
  5. Once all documentation requirements are satisfied, the Ministry of Finance provides a Guarantee Loan Policy
  6. The bank will then issue the loan to the borrower.

Application Form(s)

  • Request for undertaking to Guarantee
  • Request for Guarantee Loan Policy

Supporting Documents

Request for undertaking to Guarantee:

  • Loan Application
  • Copies of passport
  • Business Proposal
  • Proof of Citizenship

Request for Guarantee Loan Policy:

  • Payment of Processing Fee
  • Life insurance policy with the government as the beneficiary
  • Chattel Mortgage

Turn-around time

Within two weeks from the date of submission of a completed application and all supporting documents.

Deadline

The request for loan guarantee policy should be made within 90 days of the issuance of the undertaking to Guarantee. Note that the undertaking to guarantee may be cancel if the request for guarantee loan policy is not submitted within 90 days.

Related Fee(s)

2% of the Loan amount.

For more information please contact

Financial Secretary
3rd FL. Cecil Wallace-Whitfield Centre
Cable Beach
P. O. Box N 3017
Nassau
New Providence
The Bahamas

Office Hours: 9 a.m. to 5 p.m.

Related Services

Agency Contact Info

Finance, Ministry of
Cecil Wallace-Whitfield Centre
West Bay Street
P. O. Box N 3017
Nassau, N.P., The Bahamas

Email: financemail@bahamas.gov.bs
mofgeneral@bahamas.gov.bs
Phone: (242)327-1530/1
Fax: (242)327-1618
(242)327-1620