Twenty-six grant recipients received financial assistance to enhance their entrepreneurial ventures through the Micro, Small, and Medium Enterprises (MSME) Grant. Photo: Facebook

Hon Lorna G, Smith, OBE (AL) lauded the Micro, Small, and Medium Enterprises (MSME) Grant initiative. Photo Facebook

Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) said small businesses play a crucial role in the Territory’s development. Photo: Facebook

The event celebrated with 26 grant recipients, each receiving financial assistance to enhance their entrepreneurial ventures.

Delivering the keynote address at the marquee event, Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7), said the occasion underscores tangibly the crucial role of small businesses in the Territory’s development.

“Small businesses are the backbone of our economy, and supporting their growth is integral to ensuring economic resilience,” he said.

According to Premier Wheatley, “This initiative is not only about funding; it’s about creating a pathway for sustainable growth and ensuring compliance to build trust in our systems.”

Grant lauded by Hon Smith

Premier Wheatley was joined by Honourable Vincent O. Wheatley, Minister for Health and Social Development, and Honourable Lorna G. Smith, OBE (AL). Other distinguished attendees included Deputy Director of Trade Dr Lincoln D. Bob, and representatives from the business and financial sectors.

Hon Smith lauded the grant initiative, noting the challenges faced by some applicants in meeting documentation requirements and as such called for more streamlined processes, while encouraging small businesses to persevere.

She also used the opportunity to reiterate the need for banks to join in supporting small businesses and urged the Premier to lead the effort to bring banks to the table.

“The process must be more accessible. We need to ensure that small businesses, particularly those in underserved communities, have a fair chance,” Hon Smith said.

Meanwhile, Dr Bob described the grants as both an investment in the recipients' potential and a demonstration of confidence in their ability to succeed.

More initiatives coming in 2025

Additionally, Dr Bob announced several initiatives to be launched in 2025.

These are aimed at enhancing business development including mentorship programmes to connect entrepreneurs with experienced professionals and training sessions with local and international institutions, including the H. Lavity Stoutt Community College (HLSCC).

The programmes, he explained, will focus on areas such as market strategy, blue economy development, and financial management.

It was noted that the government also plans to provide 3D printing services and facilitate partnerships with banks, venture capitalists, and the BVI Chamber of Commerce.

Dr Bob stressed the importance of creating a “one-stop shop” for business development within the Trade Department.