According to Premier and Minister of Finance Hon Andrew A. Fahie (R1), entrepreneurship has become a natural part of the Virgin Islands’ DNA. Photo: VINO/File

The Government of the Virgin Islands has made a request from the Caribbean Development Bank (CDB) for US$2.5 million dollars to assist local entrepreneurs. Photo: VINO

To access the fund being sought from the Caribbean Development Bank (CDB) by Government, applicants will have to be certified as having gone through training programmes that qualify them to use the funds responsibly. Photo: CDB

“On reflection, it is clear to me that by the forces of history, entrepreneurship has become a natural part of the BVI’s DNA. Entrepreneurship is in our blood. It’s in our psyche. It’s at the core of our identity. It’s how we see ourselves as BVIslanders, and indeed many Belongers,” Hon Fahie said during his 2020 Budget Address at the Second Session of the Fourth House of Assembly (HoA) on Tuesday, November 19, 2019.

The Leader of Government Business explained that it is for this cause his government has decided to make entrepreneurship development and the ecosystem that supports it a key focus for the empowerment of the people.

“Everyone reading or listening to this speech must know that this focus is not only wise but essential in the aftermath of hurricanes Irma and Maria as we strive to rebuild our economy. Our people did it in the aftermath of Mary Proudfoot’s unfavourable report, and your Government believes that we will do it again.”

Premier Fahie added, “To channel our national collective efforts in this area, your Government’s vision is the development of the VI as a leading economy through entrepreneurship and innovation. To support this vision, we have made a request from the Caribbean Development Bank to make available US$2.5 million dollars to be placed in a fund to support the aspirations and development of entrepreneurs in the Territory.”

The Minister of Finance stated that to access the fund applicants have to be certified as having gone through training programmes that qualify them to use the funds responsibly.

Entrepreneurial Development Fund

The Premier also added that to support the continued development of entrepreneurs in the Territory, Government will examine options for establishing an Entrepreneurial Development Fund to, among other things, invest alongside the private sector in the funding and training of start-ups to start and grow into successful businesses.

“There are already reports of at least one Banking Institution in the BVI which is well on its way to rolling out a programme that will provide financing of up to $50,000, together with development assistance, to start-ups that have less than two years of operations. The Government looks forward to partnering with institutions such as this, and indeed we will actively encourage other institutions to follow suit,” he remarked.