Micro Loan awardees of the Unite BVI Kickstart Small Business Loan Programme 2024. Photo: Micheal Jack

VP Bank and Unite BVI team members: Photo: Micheal Jack

Unite BVI Kickstart Small Business Loan Programme 2024 awardees in a debriefing. Photo: Micheal Jack

The loans comprised of four Impact Loans and ten Micro Loans were awarded during a ceremony and contract signing at the VP Bank on December 5, 2024.

Cohort three of the Unite BVI KickStart BVI Small Business Loan Programme was launched in July 2024 and included free training and development with an exciting and successful evening of mentoring partnership with BVI business leaders.

Throughout the application process, applicants underwent a wide selection of training sessions, provided full Business Plans and a Financial Forecast. Additionally, Unite BVI will coordinate loan awardee training sessions with agencies such as Social Security, National Health Insurance (NHI) and Inland Revenue.

Interest free loans

The flagship programme, which is designed to Develop a vibrant entrepreneurial culture that acts as a driving force for social, environmental and economic benefit as well as provide access to financial support and resources to BVI entrepreneurs. This access to finance is zero-interest, offers free training, mentorship, and ongoing networking opportunities.

The initial application process called for a few basic criteria including verification of a training certificate, a valid trade license or to be eligible for one and a component to the business plan should be environmentally or socially conscious. Finally, applicants that demonstrated a “Force for Good” benefit to the community or environment would be considered highest amongst the 29 applications received.  Micro Loans of up to $5,000 with a two-year repayment period would not require a down payment or collateral.

Unite BVI has partnered with VP Bank for the past 6 years to initiate this flagship programme and continues to expand collaborations with HIRE BVI, IGNITE, and the Branson Centre of Entrepreneurship Jamaica to provide free training to participants. Additionally, the organization worked closely with the Ministry of Financial Services, Labour, and Trade and the former Trade Minister Hon. Lorna Smith OBE to develop a robust mentorship and business development programme.

Loan follows pay it forward model- Kim Takeuchi

Kim Takeuchi, Unite BVI Foundation Manager in recapping the loan programme said, “The pool of funding for future entrepreneurs is limited and relies on loan repayments to fund the next cohort of the programme. It’s a ‘pay it forward’ model. These programmes create jobs, advance livelihoods and strengthen the economy by building economic resilience through diversification of the marketplace but most importantly this programme catalyzes social enterprises that have a long-lasting positive impact on society & the environment.”

At the contract singing, applicants engaged with stakeholders, spoke on their force for good and celebrated their successful completion of the loan programme.

The program relies on the integrity of loan recipients to repay their loans, as the funding pool is limited, and future entrepreneurs depend on these repayments. By repaying their loans, recipients can contribute to the program’s sustainability and support other BVI entrepreneurs in the future.  This is the third Kickstart BVI loan cohort that Unite BVI has been able to run because of the integrity of past entrepreneurs and their repayment of loans.

All submissions received underwent a review, interviews, a scoring process and then recommendations were made for loan disbursement. Unite BVI works to bring together people, ideas, and resources to foster sustainable positive impact.