Ministry Advances Business Development Support

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(PLTM) - GIS - The Ministry of Financial Services, Labour and Trade has several new initiatives in the pipeline to empower micro, small, and medium-sized enterprises (MSMEs) in the Virgin Islands.

The Ministry is working on a business development grant programme specifically meant for MSMEs. This initiative aims to help MSMEs overcome the unique challenges they face while securing financial resources for their long-term growth and success.

The programme has clear eligibility guidelines and a streamlined application process to make it easy for MSMEs to apply.

The policy which governs the programme promotes fairness and inclusivity by ensuring transparency and accessibility. This approach ensures that the programme benefits a diverse range of MSMEs.

The Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith, OBE acknowledges that a vibrant MSME sector is the bedrock of a thriving economy, as it fosters job creation and drives innovation.

The Minister affirmed the Ministry’s resolute commitment to the sector. She stated, “We are taking concrete actions to propel its growth – most notably, by revitalising the National Business Bureau”.

To ensure effectiveness, the Ministry is currently gathering valuable feedback through stakeholder consultations. Once incorporated, the final programme guidelines will be presented to Cabinet for approval.

The Ministry’s strategy for business development goes beyond just the provision of financial aid; it also focuses heavily on cultivating a supportive ecosystem for MSMEs. Entrepreneurs will have access to ongoing support, which includes mentorship, business development services, and valuable networking opportunities.

The Department of Trade, Investment Promotion and Consumer Affairs will partner with service providers and international partners to deliver targeted training and technical assistance programmes.

The Minister for Financial Services, Labour, and Trade reiterated her commitment to revive the National Business Bureau. She underscored these initiatives as a demonstration of the Ministry's unwavering pledge to the development and prosperity of MSMEs.

The Ministry of Financial Services, Labour and Trade is committed to laying a solid foundation for a robust and thriving MSME sector, one that will fuel the broader economic prosperity of our Territory.

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