SYGNUS Investment Bahamas Inc (SIB) has begun the phased rolled out of a receivables purchase platform supported by an uncommitted revolving working-capital facility of up to US$10 million from IDB Invest.

Sygnus Credit Investments Limited (SCI) is making an equity investment in SIB and guaranteeing the facility, further deepening the listed private-credit company’s exposure to The Bahamas.

IDB Invest approved the facility in July 2025, and its project page lists June 2, 2026 as the signing date. The Government of The Bahamas will initially be the underlying obligor on the invoices purchased, with the funding targeted at receivables owed to approved small and medium-sized enterprise (SME) suppliers.

The facility will allow SIB to purchase approved Government invoices from Bahamian SMEs, giving the suppliers access to cash before the Government’s normal payment date. Under the arrangement, SIB will buy the receivables at a discount and collect the full invoice value when the Government settles the obligation.

The platform will initially focus on verified receivables linked to public-sector and infrastructure-related projects. Its longer-term ambition is to onboard a broader base of eligible Government suppliers and stable blue-chip private-sector companies.

“This solution is anticipated to provide liquidity to SMEs in The Bahamas by purchasing short-term receivables with maturities ranging from three months to less than a year. Additionally, this [working capital] line will deepen the local capital market by introducing new securities that offer liquidity to SMEs without them incurring additional debt,” the IDB’s project page explained.

Sygnus Investment Bahamas is described as being a member of the Sygnus Capital Group as per the press release. SIB was incorporated in August 2024 as an international business company with Legis Limited and Lex Limited as initial subscribers. Sygnus Capital Limited co-founders Berisford Grey and Jason Morris are listed as directors of the company which had an initial capital base of US$50,000.

The press release explained that the receivables platform was supported by the IDB Invest facility and an initial equity investment of approximately US$1 million by SCI which can scale up to US$5 million over time. SCI is described as an anchor investor of Sygnus Investment Bahamas.

The IDB’s project page explained that the working capital line to Sygnus Investment Bahamas would be 100 per cent guaranteed by Sygnus Credit Investments. The receivables purchases by Sygnus Investment Bahamas are expected to be short-term with maturities up to 12 months and an average amount of US$2.5 million. The IDB revolving working capital credit line is available for up to five years.

“This partnership represents an important step in our strategy to deepen Sygnus’ presence in The Bahamas while delivering a practical solution to a real business challenge,” said Gregory Hines, vice-president, asset backed investment & projects, Sygnus Capital Limited, in the press release.

Apart from financing, IDB Invest and Sygnus Capital will collaborate on developing market studies to identify priority sectors, supplier segments, and areas of unmet working capital need in The Bahamas. IDB Invest will provide advisory services to help develop a comprehensive receivables financing program which includes operational processes, digital onboarding for SMEs, performance measurement and compliance frameworks.

“At its core, this platform is about helping Bahamian businesses convert earned receivables into liquidity faster and more predictably. Our focus is on building a disciplined and transparent platform that gives all stakeholders confidence in how receivables are verified, purchased, and settled,” Hines added.

Sygnus Credit Investments currently has 17.4 per cent of its core US$183.01 million private credit portfolio, excluding Puerto Rico, allocated to the Bahamas which is its third largest market. SCI previously funded a US$25 million project in Exuma for the Bahamas Striping Group of Companies in 2022 while Sygnus Capital lead a US$9 million fundraise for a project at Eight Mile Rock, Grand Bahama.

SCI expected to access approximately US$50 million in new credit lines during its 2027 financial year which began on July 1. This is on top of SCI’s expected draw down on the US$10 million credit facility with World Business Capital (WBC) and raising US$25 million via a preference share during its first quarter which ends on September 30. This was stated in Caricris’ recently published report on SCI.

SCI’s full year June 2026 numbers should become available by August 29.

SCI’s net profit for the nine-month period was down 30 per cent from US$6.97 million to US$4.85 million due to increased loss provisions from companies affected by Hurricane Melissa, lower interest income and fair value gains from its Puerto Rican investment. SCI received US$1.83 million in dividends from its investment Sygnus Credit Investments Puerto Rico Fund LLC.

SCI’s total assets were up 10 per cent to US$242.83 million with US$226.69 million in investments and US$2.02 million in cash. Total liabilities and equity were US$166.81 million and US$76.02 million, respectively. Jamaica is SCI’s largest core private credit market with a 40.5 per cent allocation followed by St Lucia having a 22.2 per cent allocation.

SCI’s Jamaican dollar (JMD) shares closed Monday at $9.23 which leaves it down 22 per cent year-to-date (YTD). The JMD shares traded at a new 52-week low of $9.01 on June 30. The United States dollar shares are down 22 per cent YTD at US$0.0508, with a 52-week low of US$0.0480 on July 22.