Local small businesses urged to develop stronger relationships with banks
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This comes following the Business Banking Expo held last month, June 2024, in the territory.
“To build stronger bridges between the business and banking communities, the Ministry of Financial Services, Labour and Trade, in collaboration with the BVI Bank Association organised the BVI Business Banking Expo, which invited all MSMEs to engage with their local banking professionals,” a release on the initiative added.
The Deputy Premier said: “We know the challenges that our business community has with banking procedures, in particular, with accessing finance to create robust business plans, growing their businesses, and forging a successful and sustainable path forward.”
Hon Smith said to do this, it is critical for the local business community to develop a stronger relationship with the banks and to obtain a deeper awareness of the services they provide.
“I am delighted with the number of attendees at the Expo, and I will ensure that my Ministry continues to work closely with the banks and the business community to ensure that the many ideas discussed at this forum are taken forward,” she added.
Working together
Presenters at the Expo included the Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7), the Deputy Premier, as well as representatives from the Financial Services Commission, the BVI Bank Association, the BVI Chamber of Commerce and the Department of Trade and Investment Promotion and Consumer Affairs.
According to the Ministry, the Expo was designed to identify enhanced ways for all stakeholders to work together, with the common goal of developing a conducive environment for MSMEs to be at the forefront.
All those present recognised the need for increased engagement, hence the banking sector’s decision to engage in more educational campaigns to boost consumer awareness of banking products and facilitate easier client navigation.
Following the banking conference, the Deputy Premier has followed up with engaging with the BVI Bank Association to discuss further efforts to improve financial literacy amongst entrepreneurs and build awareness of financing opportunities.
Deputy Premier Smith said: “I am delighted to see our local banks presenting practical funding options. I am extremely excited about the opportunities this will bring for our MSMEs; in addition to my Ministry’s efforts to establish the MSME grant assistance programme to complement the private sector offerings,” she added.
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18 Responses to “Local small businesses urged to develop stronger relationships with banks”
sorry pure talk
They are all, without question pathetic when it come to custo.er service.
Go to puerto rico for instance the service is onthe ball, asy to work with...even in st thomas also. So why on earth is eerything difficult.
Who thought of the idea of doing wire transfers at the teller...why should we have to wait in line at the banks to make a deposit or withdrawal behind someone who is tking 15 minute todo a transfer. Havea separate line for that alone and when there is noine waiting to make a transfer call on those waiting to do their general banking..not the other way around.
All banks in theBVI need to do better for the customers...nottge ither way around !!!
Every government who comes in promused to sort out tge banks and the insurance companie...never happens. False promised.
As a country weare supposed to be one of the best and busiest offshore banking area in THE WORLD...how about us who luve herr..why do we get pushed asiide for the betterment of the offshore entities.
Fix it. Dont just talk about it !
I recently gave a presentation for university students from the States who are studying ways of encouraging small businesses in the Caribbean. In the presentation I cited eight entrepreneurs I have known personally. They had all started their multi-million dollar entreprise on a shoestring and without a bank loan.