OMNI, IDB announces factoring financing

OMNI Financial Group Limited and the Inter-American Development Bank (IDB) will expand access to finance for Bahamian small and medium enterprises (SMEs), through the provision of its new product -- Account Receivable Financing (Factoring) -- thanks to a US$1 million contingent recovery loan from the IDB’s Multilateral Investment Fund (MIF). The loan will be reimbursable, depending on the business performance of this new line of financial products and services. The new service will be technology driven through OMNI’s digital platform.

This will be the first financial technology-enabled option of its kind available to Bahamian business owners. Not only will it facilitate SMEs’ access to capital, thereby leveraging commercial relationships with large corporates, but it will also incentivize large corporations to enter into commercial relationships with SMEs, especially those located in the Family Islands.

Both OMNI and the IDB saw the need to provide alternative financing options for smaller companies in The Bahamas, specifically those involved in manufacturing, processing, agriculture and other cottage industries. The introduction of factoring will provide a financing alternative for these businesses, and will help them to remain competitive in today’s fast paced market where access to capital is a constant challenge.

Introducing factoring to the Bahamian market has been a long journey for OMNI. After a thorough due diligence process conducted by the IDB, OMNI was approved for US$1,000,000 funding through the MIF, a private sector arm of the IDB Group, on December 7, 2017. Prior to this project approval, the MIF had never provided a credit facility to a private Bahamian company.

“The fact that the MIF has granted a loan to the Omni Financial Group is very significant, as it highlights Omni’s ability to qualify for multilateral financing,”

Michelle Evans, a private sector analyst with the IDB

Harvey Morris, Chief Executive Officer of OMNI Financial Group Limited, has been at the helm of OMNI for over eleven years and understands first-hand the struggles in growing a company through its early years. OMNI’s Morris noted, “Cash management is the main reason why most businesses fail, not necessarily the lack of business…Working with larger corporations for a small business person is both a blessing and a curse. You sell more, but you also have a longer wait time to receive the payment necessary to facilitate the replenishing.” Morris emphasized, “Factoring will close this gap by providing immediate access to outstanding cash so owners can concentrate on growing their business not chasing down money.”


Deirdree Andrews
Business Development Manager
Office: 394-6761 ext: 2006
Mobile: 427-0023

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