‘Banks have to do their part' in helping small businesses’- Hon Lorna G. Smith

- says businesses are the backbone of the economy

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Hon Lorna G. Smith, OBE (AL), has called on banks to become more involved in businesses in the Virgin Islands. Photo: Facebook

The Entrepreneurial Zone was constructed for one million, two hundred and two thousand, seven hundred and ninety-four dollars and six cents, and can accommodate thirty-four micro and small businesses. Photo: Government of the Virgin Islands

HUNTUMNS GHUT, Tortola, VI- Opposition Member and Territorial At Large Representative Hon Lorna G. Smith, OBE (AL) has called on banks to become more involved in assisting micro and small businesses.

Hon Smith was giving remarks during the recently held opening ceremony of the Entrepreneurial Zone in Huntums Ghut on February 27, 2025.

She revealed that as a child she lived not too far from the site and recalled the area having few small businesses around at that time.

The over one-million-dollar entrepreneurial zone will accommodate thirty-four micro and small businesses with a nurturing environment for development and growth. The ultimate goal of the project is benefits to the local economy.

“My warmest congratulations on transforming Huntums Ghut and my very best wishes as we move forward,” she said.

Businesses are the backbone of the economy- Hon Smith

Hon Smith said she hopes entrepreneurs will take advantage of the small and micro business grants recently established by the government through the Ministry of Financial Services.

The legislator noted; however, that banks need to get involved.

“Even though this is micro-businesses [and] small businesses, the banks need to become more involved in businesses because businesses are the backbone of the economy and the banks have to do their part,” Hon Smith stated.

Hon Smith also shared hopes that banks will be present at similar occasions in the future to see how they can support.

“I know that they have their own programmes but the programmes should also be involved or the programmes should be incorporated in what is being done here,” Hon Smith said.

12 Responses to “‘Banks have to do their part' in helping small businesses’- Hon Lorna G. Smith”

Really (07/03/2025, 10:41) Like (11) Dislike (1) Reply
How???!!

Enough of the talking from the politicians. Make them help your people!
- Deh Watcha (08/03/2025, 19:45) Like (0) Dislike (1) Reply
  Another failed at-large representative of the failed at-large voting system of the BVI.
  
  Makes you wonder if this person is an elected official (ie law maker) or just a common public servant. Persons also claim this person to be a "financial services expert". Expert at what really?
  
  Might as well this lady had just stayed where she was, allow the members to form the government and just be a back bencher. Another non-performer.
  
  "All who there crossing the floor, one term, one termmm. Got elected and just travelling, one term, one termmm."
banks (07/03/2025, 11:11) Like (4) Dislike (1) Reply
They don't care about no one sorry to say. Small businesses will go under with the quickness to many red tapes just like the government. Banks continue to suck the life out of the people in this territory because government upon government allowed and continue to allow they to do so. Look at the interest rates they pay you verses what you borrow from them. Shame on all who do not fight for your people, banks walk all over us everyday. Typical example hurricane time banks rip off the people and up to now there has been no remedy the people paying for that all now. Banks don't care point blank you become a slave rates and red tape is to high
oh well (07/03/2025, 11:21) Like (10) Dislike (0) Reply
your brother had the same cry until things got good with him. all politicians does is talk talk talk and no action
TOO LONG ON THIS TOPIC. (07/03/2025, 11:28) Like (10) Dislike (0) Reply
Banks are doing business for profit, can' t nust give money just like, they have to look at the ability of the person to pay monthly, also the financial record and paying hostory of the person and their assets where applicable..I agree Banks can do better and they do make some bad decisions at times they turn the right people down and help the wrong people, then again friendship relationship help benefit some applicants who wouldn't qualify without that relationship.
WHAT!!! (07/03/2025, 11:33) Like (6) Dislike (1) Reply
And what will you do to make “banks do their part” ?
Nothing.
resident (07/03/2025, 12:26) Like (17) Dislike (1) Reply
how about they also improve their servces, it's not right we have to wait in line over an hour to get to the teller because it only have 1 or 2 working at a time.
where (07/03/2025, 13:04) Like (8) Dislike (0) Reply
But where is this trust fund she was campaigning about for the young people?
smh (07/03/2025, 13:12) Like (9) Dislike (0) Reply
Ayo does still listen to this woman?! She just looking points right now..don’t forget who she is
They are (07/03/2025, 13:31) Like (3) Dislike (5) Reply
The banks are doing their part. They are hiring our people and providing jobs. They are very important for our trust and corporate services providers. They are the reason the fsc can receive the millions in revenues every year to feed the government and this territory. They have done their part. They are not just talking from a podium to tell others about what they should do. Stop it.
Tadow (07/03/2025, 16:15) Like (10) Dislike (0) Reply
Hon Smith you are full of it. Under your watch the government decided to give small businesses grant and the applicants were put through the wringer, and you still here call on the banks. BS.
Extortion (07/03/2025, 16:19) Like (2) Dislike (3) Reply
Republic are squeezing business to use very expensive wire transfers which are slow to pay suppliers. They delay credit card transactions so you can only use your card twice a week and max it out. Want security deposits to access your own money which is just extortion. Never been treated this bad my any bank i've done business around the world. They loosed money from transactions, deposit in other peoples accounts. Bounce checks they issued. The list goes on and on. Just the worst bank in the world. The banks here have forgotten its our money not theirs. We choose what services we want to use but squeezed to to use wire transfers.

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‘Banks have to do their part' in helping small businesses’- Hon Lorna G. Smith

12 Responses to “‘Banks have to do their part' in helping small businesses’- Hon Lorna G. Smith”

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