VI Gov't launches Small Business Grant Programme
The initiative will be launched through the Ministry of Financial Services, Labour and Trade and will provide financial assistance and support services to eligible micro and small businesses.
$1,000-$7,000 grant
According to a press release from Government Information Service (GIS), the grant programme will offer financial assistance ranging from $1,000 to $7,000 to help businesses overcome financial barriers and invest in their growth and expansion.
It said the funds can be used for various purposes, including the purchase of essential equipment; Inventory management; Marketing and sales support; Employee development; Technology and software acquisition; Professional fees; and Business certification costs.
Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith (AL), OBE expressed enthusiasm about the programme's potential impact, stating, "The Small Business Development Grant Programme is a testament to our government's commitment to fostering a thriving entrepreneurial environment in the Virgin Islands. We believe that by empowering our local businesses, we are investing in the future of our economy and creating opportunities for all."
Eligibility criteria
Businesses must certain criteria to be eligible for the grant including “Be wholly owned by Belongers residing in the Territory for at least three continuous years; Be registered in the Virgin Islands and hold a valid trade license with up-to-date payments; Have been in operation for at least one year; Have 20 or fewer employees; and Have an annual gross revenue not exceeding $250,000.
The application period for the grant programme will run from September 2 to 30, 2024. Interested businesses are encouraged to visit the government's website to access the programme details and application form.
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12 Responses to “VI Gov't launches Small Business Grant Programme”
As far as I know a certain amount of money is set in our budget for this purpose annually, but our political Leaders only give to whom they selected. Fair government distribution of our money are swiftly offered expensive houses and vehicles owners, but those that need government's grants are being ignored.
In the BVI we need to start practicing true democrats, not greedy mockery, as before and presently is the normal practice.
With the government providing grants to businesses this will help improve the economy as employers will be able to purchase equipment including vehicles and even handle payroll for a few weeks.
Thank goodness for our Deputy Premier, the only one doing anything in office!