Premier Smith announced during a press conference on August 20, 2013 that the National Business Bureau and the National Bank of the Virgin Islands have partnered to provide loans to viable businesses through a loan programme that is the remit of the Department of Trade and Consumer Affairs. Photo: VINO/File

According to the Premier, applicants may now approach the National Business Bureau for evaluation and see how they can qualify for the loan guarantee programme. Photo: VINO/File

Premier Smith announced during a press conference on August 20, 2013 that the National Business Bureau and the National Bank of the Virgin Islands have partnered to provide loans to viable businesses through a loan programme that is the remit of the Department of Trade and Consumer Affairs.

ENS Excavation Limited was revealed as the first business to benefit from the loan initiative and Premier Smith said the programme was put in place to foster the growth of the business sector and to encourage new businesses as well.

“When my administration first served in 2003, we made small business development a priority,” Premier Smith stated, “You see, we understood then and it still is the case today, that small business development is essential to stimulating the economy. It provides jobs and is the central driver for circulating wealth throughout this economy.”

According to the Premier, applicants may now approach the National Business Bureau for evaluation and see how they can qualify for the loan guarantee programme. To qualify, entrepreneurs, as did ENS, have to submit a sound business plan for startups and solid financials for existing businesses and to demonstrate an ability to repay.

He also urged borrowers to participate in upcoming training courses provided by the Bureau and stated, “We are not just lending monies; we are providing assistance with writing proper business plans.”

Premier Smith could not give an indication, however, as to the line of credit being extended by the National Bank of the Virgin Islands in relation to the loans but offered that this would be augmented as necessary by the Government.

“That is the reason we established the National Business Bureau in the first place, so that we can encourage investment in Small Business start-ups and invite them to be successful…” Premier Smith stated.

Premier Smith did not respond to questions from the media asking about guarantees for loans or address issues related to payment delinquency but noted that while a loan ceiling had not been established, the Government was looking at handing out loans at a maximum of $100,000.

Efforts to solicit a comment on the status of applications from CEO of the National Bank of the Virgin Islands, Ms Joy Francis were unsuccessful up to post time while Chairman of the Board of the NBVI, Mr Clarence Faulkner indicated that he just returned to the Territory and could not comment on the situation at this point.