First Entrepreneurial Zone Building Completed In Huntums Ghut

Entrepreneurs and prospective business owners recently toured the first completed building at the Virgin Islands’ first Entrepreneurial Zone in Huntums Ghut.

According to the Government Information Service (GIS), the building will operate as an incubator, providing start-ups and emerging businesses with affordable commercial space and developmental support as they work towards becoming sustainable enterprises.

Junior Minister for Financial Services and Economic Development Hon. Lorna Smith, OBE, Fifth District Representative Hon. Kye Rymer and departmental officials joined prospective occupants on the tour, which was led by Deputy Director for Business Dr Lincoln Bobb.

“Huntums Ghut is a thriving area. It’s a thriving community,” Smith said.

She stressed that although entrepreneurs from Huntums Ghut are encouraged to apply, the facility will be open to qualified applicants from across the Territory.

The completed building is the first of two being developed at the site. It contains air-conditioned, glass-fronted commercial units of varying sizes.

However, it has been designated a dry zone and is therefore best suited for businesses that do not need water or plumbing for their daily operations. The second building remains under development and is expected to accommodate other types of businesses.

Business Plan Required

Applicants must submit a comprehensive business plan explaining their idea, revenue projections and potential for growth. They will also undergo screening and interviews before occupants are selected.

Successful entrepreneurs will be allowed to operate from the incubator for two to four years while receiving support from the Department of Trade, Investment Promotion and Consumer Affairs.

“You come with your idea, you come with a solid business plan,” Bobb explained. “We actually work with you throughout that entire process so that you can be a business that could stand by itself.”

Entrepreneurs who are not selected for a unit can still access the Department’s training, mentorship and grant programmes.

Business Development Manager Leroy James said the facility would allow entrepreneurs to move their operations from homes and vehicles into a professional storefront while receiving assistance to expand.

GIS said the Entrepreneurial Zone was developed through a partnership between the Department and Rymer, who supported establishing a dedicated space for entrepreneurs in the Fifth District.

Similar zones are expected to be established in other districts based on the outcome of the pilot initiative.

Priority will be given to innovative businesses that can operate within the dry-zone facility and demonstrate the potential to grow, provide valuable goods or services and contribute to the Virgin Islands economy.

Interested persons may contact the Department at 284-468-2008 or email bvitrade@gov.vg for application requirements and further information.