Applications for the first phase of the Small Business Development Grant Programme, which was launched in August 2024 is opened until September 30, 2024. Photo: VINO/File

Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith (AL), OBE said micro, small and medium businesses are the heart of the local economy and the Small Business Development Grant Programme is designed to give them financial support needed to thrive in today’s fast paced market. Photo: Facebook

The first round of applications is opened until September 30, 2024, prioritising existing micro and small businesses that have been operational for at least one year.

Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith (AL), OBE said, “These businesses are the heart of our local economy, and this programme is designed to give them the financial support they need to thrive in today’s fast paced market. Whether it’s through embracing new technology, improving processes or developing new products and services, this programme is here to help.”

Clear eligibility crtieria

Hon Smith explained that clear eligibility criteria have been put in place to ensure the grants are received by those in business who need it the most.

To qualify, businesses must be wholly owned by belongers who have resided in the Virgin Islands for at least three continuous years. Businesses must hold a valid trade license in the Virgin Islands and be up to date with all necessary payments.

Depending on the applicant’s need and the potential impact, grants will range from $1000 to $7000.

“We have ensured that the selection process is transparent and fair giving every eligible business a genuine opportunity to benefit,” she said.

Currently, the Ministry of Financial Services, Labour and Trade is accepting applications for membership on the selection committee which will be appointed by Cabinet.

Assistance beyond funding

Hon Smith said support throughout the entire process will be provided to these micro, small and medium businesses as they “navigate their way to success”.

The programme will be administered by a Business Development Manager through the National Business Bureau. The Deputy Director of Business will also be instrumental in the programme’s success.

“With a reinforced team at the Trade Department, and the support of a wide network of business support organisations, I am confident that this initiative will open up new opportunities both locally and internationally enabling our businesses to reach new markets and achieve sustainable growth,” Hon Smith added.

Application forms are readily available online for those wishing to take advantage of the Small Business Development Grant Programme.