Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) announced a plethora of initiatives to support small businesses and enhance economic growth. Photo: Internet Source

Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) said he took an executive decision to increase grant allocations from $7000 to $9000. Photo: YouTube

Twenty-six grant recipients received financial assistance to enhance their entrepreneurial ventures through the Micro, Small, and Medium Enterprises (MSME) Grant on December 20, 2024. Photo: Facebook

The plans revealed during the Continuation of the Twenty-First Sitting of the First Session of the Fifth House of Assembly (HoA) on December 19, 2024, include increased grant allocations, policy reforms, and new measures to address accountability and financial responsibility in government programs.

The government held a MSME Award Ceremony on Friday, December 20, 2024, where 26 entrepreneurs received grants towards enhancing their entrepreneurial ventures.

Addressing the grant ceremony, a day earlier in the HoA, Dr Wheatley confirmed that amounts will be raised following an executive decision.

“I took an executive decision and increased it from $7,000; starting Friday (December 21, 2024) beneficiaries will receive up to $9,000, and by next year, the maximum grant will increase to $10,000.”

There must be a balance between financial support & personal accountability- Premier Wheatley

The Premier as such, emphasised the importance of striking a balance between financial support and personal accountability.

“Some persons will say, why not more? We must encourage persons to have some skin in the game. It sounds good just to give persons a lot of money, but we have to ensure there’s shared responsibility,” he explained

Dr Wheatley acknowledging past challenges with government-backed loans stressed that new programs will incorporate safeguards to ensure better accountability.

The Premier also committed to revising existing policies to reduce bureaucracy and make financial assistance more accessible.

“Many persons in the Virgin Islands struggle to get good standing; I’ve asked the Ministry of Finance to provide a good standing policy by early 2025. At the very least, persons should be on a payment plan,” he added.

Fiscal Responsibility

Dr Wheatley also condemned the culture of neglecting financial obligations such as taxes, water fees, and other government dues. “We have to reverse that culture—it’s not a good culture,” he added.

Premier Wheatley however emphasised the need for compassion saying, “When persons struggle, as we all do in life, you have to make a way out for them. You can’t just allow them to drown. Throw them a life jacket.”

Additionally, Dr Wheatley also outlined plans to provide more support to businesses through grants, low-interest loans, and policy reforms aimed at encouraging investment. “We will work with financial institutions to introduce low and no-interest loans, which the government will help finance,” he said.

Dr Wheatley also committed to revisiting the Investment Act to better align with the needs of entrepreneurs among other policies.