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VI Gov't launches Small Business Grant Programme

The Government of the Virgin Islands has launched a Small Business Development Grant Programme to empower local entrepreneurs and stimulate economic growth. Photo: VINO/File
Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith (AL), OBE expressed enthusiasm about the Small Business Grant Programme's potential impact. Photo: GIS/File
Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith (AL), OBE expressed enthusiasm about the Small Business Grant Programme's potential impact. Photo: GIS/File
ROAD TOWN, Tortola, VI- The Government of the Virgin Islands has launched a Small Business Development Grant Programme to empower local entrepreneurs and stimulate economic growth.

The initiative will be launched through the Ministry of Financial Services, Labour and Trade and will provide financial assistance and support services to eligible micro and small businesses.

$1,000-$7,000 grant

According to a press release from Government Information Service (GIS), the grant programme will offer financial assistance ranging from $1,000 to $7,000 to help businesses overcome financial barriers and invest in their growth and expansion.

It said 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.

Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith (AL), OBE expressed enthusiasm about the programme's potential impact, stating, "The Small Business Development Grant Programme is a testament to our government's commitment to fostering a thriving entrepreneurial environment in the Virgin Islands. We believe that by empowering our local businesses, we are investing in the future of our economy and creating opportunities for all."

Eligibility criteria

Businesses must certain criteria to be eligible for the grant including “Be wholly owned by Belongers residing in the Territory for at least three continuous years; Be registered in the Virgin Islands and hold a valid trade license with up-to-date payments; Have been in operation for at least one year; Have 20 or fewer employees; and Have an annual gross revenue not exceeding $250,000.

The application period for the grant programme will run from September 2 to 30, 2024. Interested businesses are encouraged to visit the government's website to access the programme details and application form.

11 Responses to “VI Gov't launches Small Business Grant Programme”

  • LOL (09/08/2024, 13:27) Like (8) Dislike (5) Reply
    More slushy funds
  • are you joking? (09/08/2024, 13:30) Like (17) Dislike (6) Reply
    What is $1-$7k possibly going to do beyond go into some "businessman's" pocket and get spent at one of the Spanish bars in sea cows bay?
  • Honestly (09/08/2024, 13:35) Like (12) Dislike (7) Reply
    That wouldn’t cover the cost of the “ church donation “ to get your trade license through in the first place!
  • hmm (09/08/2024, 13:49) Like (2) Dislike (1) Reply
    How do you apply?
  • Native Senior Citizen of the British Virgin Islands (09/08/2024, 15:09) Like (2) Dislike (2) Reply
    Bad idea at this time. After small businesses have mismanaged their finances foolishly, why should our government leaders want to offer our money to them, but none to those that are unemployed and minimum wage earners, who are under severe hardship to make end meet?
    As far as I know a certain amount of money is set in our budget for this purpose annually, but our political Leaders only give to whom they selected. Fair government distribution of our money are swiftly offered expensive houses and vehicles owners, but those that need government's grants are being ignored.

    In the BVI we need to start practicing true democrats, not greedy mockery, as before and presently is the normal practice.
  • ... (09/08/2024, 15:43) Like (9) Dislike (1) Reply
    Good move. A smart small business can do a lot with 2-7k. Take that invest it to overcome obstacles and make more.
  • ... (09/08/2024, 15:52) Like (3) Dislike (1) Reply
    Speak for yourself 5k could be the difference between flying out of the nest and a hard fall.
  • Finally Lorna Making Moves (09/08/2024, 16:38) Like (3) Dislike (1) Reply
    Let's get some money pumping into the country.

    With the government providing grants to businesses this will help improve the economy as employers will be able to purchase equipment including vehicles and even handle payroll for a few weeks.

    Thank goodness for our Deputy Premier, the only one doing anything in office!
  • Prudent (09/08/2024, 17:39) Like (4) Dislike (0) Reply
    I hope they confirm that all payroll taxes have been paid on behalf of employees before money is given to a business.
  • hmm (09/08/2024, 20:18) Like (1) Dislike (4) Reply
    When will the government help with school cloths and books?
  • rubbish (10/08/2024, 21:20) Like (0) Dislike (0) Reply
    They have $100k for this. Do the math! Putting on a bandaid after major surgery...


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