Deputy Premier and Minster for Financial Services, Labour and Trade, Honourable Lorna G. Smith, OBE (AL) Thirty (30) applications have been received for the Small Business Development Grant Programme. Photo: JTV

A Cabinet appointed committee will review applications for the Small Business Development Grant Programme which was launched in 2024 for businesses already in operation in the Virgin Islands. Photo: VINO/File

The application period for the grant closed on Monday, September 30, 2024, and Deputy Premier and Minster for Financial Services, Labour and Trade, Honourable Lorna G. Smith, OBE (AL) said the receipt of the thirty applications is “quite impressive”.

The grant programme will offer financial assistance ranging from $1,000 to $7,000 to help micro, small and medium-size businesses overcome financial barriers and invest in their growth and expansion. 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.

Cabinet appointed committee to review applications

Hon Smith was speaking to JTV Channel 55’s Cathy O. Richards on September 30, 2024, when she said a committee will sift through the applications received.

This committee, she said, was recently appointed by Cabinet. “There are criteria to be met, and those applications will be reviewed and we are hoping that within the next couple of weeks we will be able to announce the successful applicants,” she said.

Hon Smith said she hopes more funds will be made available for a second tranche of the grant to be done as she is very pleased with what she termed as the “excellent” response for this first tranche.

Following the deadline, she said several people showed interest in the programme adding, “I said to them let’s wait for the next tranche as I call it and I’m hoping would be successful. So, there are opportunities for persons to continue to apply for these grants," the Deputy Premier and Minister for Trade stated.