Royal Caribbean Group and Access Accelerator Small Business Development Centre have launched a financing programme to support micro, small and medium-sized enterprises (MSME) in the tourism sector of The Bahamas.

Royal Caribbean Group will provide a US$250,000 donation to Access Accelerator to establish a fund that will soon be providing small businesses on Grand Bahama, the Berry Islands, and New Providence with the necessary financing for expansion of the Bahamian tourism product.

Access Accelerator’s Executive Director Davinia Bain said the grant will be dispersed as loans with “extremely low” interest rates.

“This partnership has the potential to be the largest linkage between Bahamian MSMEs and the global market. It gives local entrepreneurs direct access to expand their offerings to cater to millions of visitors who vacation in The Bahamas, including those sailing with one of the largest cruise companies in the world,” Bain said, noting that access to prospective procurement contracts can be a result of this deepened relationship.

Royal Caribbean will begin to home port at Nassau’s cruise port in June, providing myriad opportunities for businesses as cruise visitors become stopover guests.

Vice-president of government relations for Royal Caribbean Group Russell Benford said this new type of tourist for Nassau will likely increase demand for tour excursions, arts, crafts, and authentic cultural experiences.