The business community is likely to see the true fallout from last year’s operations during COVID-19 this year, Simplified Lending’s founder and Chief Executive Officer Robert Pantry said yesterday, adding that while his business suffered as well, it was able to assist 300 companies and is hoping to expand that number in 2021.
Pantry said the long-term outlook for small and medium-sized businesses is positive, adding that he is cautiously optimistic about the outcomes for 2021.
Pantry, who made the remarks during a Bahamas Business Outlook (BBO) press conference, explained that his company is developing creative ways to assist small and medium-sized businesses with start-up and growth this year, in order to improve their chances of survival.
“In 2021 we are introducing new products… creative financial structures with much more flexibility and ease of accessing those funds,” Pantry said.
“So these are some of the things we’re going to be focusing on for 2021, because we know that we cannot do business the way we did it in the past. There will have to be a different approach to business in order to survive 2021.”
Pantry said he had to pivot his business last year by assisting clients with ways to build their business during a pandemic and how to avoid pitfalls when accessing capital.
“The path that we had set out it didn’t happen quite that way,” he said.
“But like any nimble business, we had to pivot. We were able to make it out of COVID-19 at a point where we can still be here to help with the growth and the rebound from COVID-19.”
Pantry insists that ten years from now, many small business owners will look back at how they built their vision in 2020 despite the odds.
Pantry is expected to speak about entrepreneurship at the BBO next week.