The Abaco Chamber of Commerce arranged for Sean Brennen to talk about venture capital available for start-ups and expanding businesses at its Mix and Mingle held on December 8, 2017. Mr. Brennen spoke to the guests and directors of the Chamber in the conference room at Wally’s Restaurant. He represented the Bahamas Entrepreneurial Venture Fund, a Bahamian venture capital company based in Nassau.
Mr. Brennen’s company advances between $50,000 and $100,000 in loans and up to $200,000.00 in equity to businesses with potential. He looks for business owners who have a well-developed plan but do not have the funding to get started. Venture capital firms are a normal part of business success in other parts of the world. Funding is given in exchange for a part ownership in the emerging company with a 5 to 7 year buyout clause. This means that once their fund repayment has been satisfied you outright own your business.
Venture funding organizations are willing to invest in the development of new business ventures or expansion in exchange for owning shares in the new business until the terms of the agreement are satisfied. This is opposed to a bank loan that requires a rigid repayment schedule. A member of the venture capital group would be assigned as a director on the new business’s board, and they mentor the operation of the company and its growth.
The casual evening social was an enjoyable event with questions and answers exchanged. Mr. Brennen remained in Marsh Harbour over the weekend and scheduled private one-on-one meetings with interested persons the next day.
Three artists displayed their art for the guests to enjoy. Marlee Mason displayed jewelry and paintings, Bradley Reckley displayed his sand art and Branden Pinder displayed his watercolors. Jimmy’s Wines and Spirits was a sponsor for the evening.